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Q.2 The mortgage on your house is five years old. It required monthly payments of $1402, hadan original term of 30 years & had an interest rate of 10%. In the intervening five years, interestrates have fallen & so you have decided to refinance- that is, you will roll over the outstandingbalance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments &and has an interest rate of 6.625%Required:a) What monthly repayments will be required with the new loan?b) If you still want to pay off the mortgage in 25 years, what monthly payments should youmake after you refinance?

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