Suppose you take out a

$4545-$year

$$$$150$ comma $000150,000$

mortgage with an APR of

$66\%.$

You make payments for

$33$

years

$(3636$

monthly$$ payments$)$ and then consider refinancing the original loan. The new loan would have a term of

$1515$

$$years$,$ have an APR of

$5\mathrm{.}65\mathrm{.}6\%,$

and be in the amount of the unpaid balance on the original loan.$($The amount you borrow on the new loan would be used to pay off the balance on the original$$ loan.$)$ The administrative cost of taking out the second loan would be

$$$$15001500.$

Use the information to complete parts $($a$)$ through$($e$)$ below.

Question content area bottom

Part $1$

a$.$ What are the monthly payments on the original$$ loan?

$$$enter your response here

$($Round to the nearest cent as$$ needed.$)$

Part $2$

b$.$ A short calculation shows that the unpaid balance on the original loan after

$33$

years is

$$$$147$ comma $859\mathrm{.}06147,859\mathrm{.}06,$

which would become the amount of the second loan. What would the monthly payments be on the second$$ loan?

$$$enter your response here

$($Round to the nearest cent as$$ needed.$)$

Part $3$

c$.$ What would be the total amount you would pay if you continued with the original

$4545-$year

loan without$$ refinancing?

$$$enter your response here

$($Round to the nearest cent as$$ needed.$)$

Part $4$

d$.$ What would be the total amount you would pay with the$$ refinancing?