Suppose you take out a 50-year $275 comma 000 mortgage with an apr of 6%. you make payments for 4 years (48 monthly payments) and then consider refinancing the original loan. the new loan would have a term of 10 years, have an apr of 5.7%, and be in the amount of the unpaid balance on the original loan. (the amount you borrow on the new loan would be used to pay off the balance on the original loan.) the administrative cost of taking out the second loan would be $1600. use the information to complete parts (a) through (e) below.
a. what are the monthly payments on the original loan?