The mortgage on your house is five years old. It requiredmonthly payments of $14

The mortgage on your house is five years old. It requiredmonthly payments of $1402 had an original term of 30 years &had an interest rate of 10%. In the intervening five yearsinterest rates have fallen & so you have decided to refinance-that is you will roll over the outstanding balance into a newmortgage. The new mortgage has a 30-year term requires monthlypayments & and has an interest rate of 6.625%