Using Q.1 to solve q.2

Please solve it on excel and show excel formulla need in 50 min

15 0 3 1 7 years ago a fixed rate mortgage for $ 100,000 was issued which would fully amortize monthly in 20 years. The contract rate was 8%. Refinancing costs $. 3,000 Now tha rates have fallen to 6%. What is the monthly payment? 1a 1 1 What is the loan balance? 2 2 1b 0 1 1c 2 3 1d 4 5 What is the Break-e en rate for refinahcing? BER 1 Is refinancing a good idea? Independent of your answer in 1d., let's say, you opt for refinancing. If refinancing means a full cash-out, how much will it be? What is the loan value now given the new rate? PV based on new rate 2 16 17 2 18 19 2a 20 21 22 23 24 2b 25 Re-financed PV 2 Cash Out 15 0 3 1 7 years ago a fixed rate mortgage for $ 100,000 was issued which would fully amortize monthly in 20 years. The contract rate was 8%. Refinancing costs $. 3,000 Now tha rates have fallen to 6%. What is the monthly payment? 1a 1 1 What is the loan balance? 2 2 1b 0 1 1c 2 3 1d 4 5 What is the Break-e en rate for refinahcing? BER 1 Is refinancing a good idea? Independent of your answer in 1d., let's say, you opt for refinancing. If refinancing means a full cash-out, how much will it be? What is the loan value now given the new rate? PV based on new rate 2 16 17 2 18 19 2a 20 21 22 23 24 2b 25 Re-financed PV 2 Cash Out