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Suppose you currently have 25 years remaining on a mortgage thatstarted as a $200,000, 30-year 6% mortgage. Your current balance is$186,108.71. Your current payment (including both principal andinterest) is $1,199.10. Ignoring closing costs, evaluate whetheryou should refinance into a 30-year 5%mortgage or a 15-year 4%mortgage. Determine the following for both alternatives:a. What would be the new monthly payment assuming you refinancethe existing balance of $186,108.71?b. What would be the total accumulated interest savings over thelife of the mortgage (the total interest costs of the new mortgageminus the total interest costs of the existing mortgage) ignoringdifferences in the time value of money?c. What factors will you take into account for youralternatives?