Suppose you currently have a mortgage with 10 years, Financial Management

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Suppose you currently have a mortgage with 10 years

Suppose you currently have a mortgage with 10 years remaining with annual payments (the next one coming in exactly one year) at a rate of 6%. The original mortgage amount was a 20-year mortgage for $1 million

a) What is your current annual payment?

b) What is your current mortgage balance outstanding?

c) Assume you are considering refinancing this mortgage with a new 10-year mortgage at the current rate of 4%. What is the present value of refinancing assuming you make all the remaining payments?

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