Business, 29.11.2019 02:31 josephaciaful

Five years ago, diane secured a bank loan of $340,000 to finance the purchase of a loft in the san francisco bay area. the term of the mortgage was 30 years, and the interest rate was 8% per year compounded monthly on the unpaid balance. because the interest rate for a conventional 30-year home mortgage has now dropped to 6% per year compounded monthly, diane is thinking of refinancing her property. (round your answers to the nearest cent.
(a) what is diane's current monthly mortgage payment? $
(b) what is diane's current outstanding balance? $
(c) if diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 6% per year compounded monthly, what will be her monthly mortgage payment? use the rounded outstanding balance. $
(d) how much less would diane's monthly mortgage payment be if she refinances? use the rounded values from parts ()

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Five years ago, diane secured a bank loan of $340,000 to finance the purchase of a loft in the san...