Five years ago, Bob secured a bank loan of $330,000 to help finance the purchase of a car park in Sheung Shui. The term

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Five years ago, Bob secured a bank loan of $330,000 to help
finance the purchase of a car park in Sheung Shui. The term of the
mortgage was 25 years, and the interest rate was 12% per year
compounded monthly charged on the unpaid balance. The interest rate
for a conventional 25- year mortgage has now dropped to 10% per
year compounded monthly, so Bob is thinking of refinancing his car
park. (a) What is Bob's current monthly mortgage payment? (b)
How much does Bob still owe the bank when he is thinking of
refinancing? (c) If Bob decides to refinance his car park by
securing another 25-year mortgage with the new interest rate
mentioned above, how much less would Bob's monthly mortgage payment
be if he refinances?