a.  Calculate the monthly payment on a 15-year mortgage in t…

a.  Calculate the monthly payment on a 15-year mortgage in the amount of $150,000 at 6%. b.  Calculate the total interest payment on this 15-year mortgage. c.  In the third monthly payment, calculate the interest payment. d.  In the third monthly payment, calculate the principal payment. 

From Question 7, due to the continuous decline in interest r…

From Question 7, due to the continuous decline in interest rates, the same borrower can refinance the 15-year mortgage in the amount of $150,000 at 3%.  If the refinance cost is $1,500 and the borrower plans to move out in 9 months, should the borrower refinance the mortgage?  Explain.