Answer Happy

Five years ago, Diane secured a bank loan of $350,000 to help
finance the purchase of a loft in the San Francisco Bay area. The
term of the mortgage was 30 yr, and the interest rate was 8%/year
compounded monthly on the unpaid balance. Because the interest rate
for a conventional 30-yr home mortgage has now dropped to 5%/year
compounded monthly, Diane is thinking of refinancing her property.
(Round your answers to the nearest cent.) (a) What is Diane's
current monthly mortgage payment? $ 2568.27 Incorrect: Your answer
is incorrect. (b) What is Diane's current outstanding principal? $
334642.46 Incorrect: Your answer is incorrect. (c) If Diane decides
to refinance her property by securing a 30-yr home mortgage loan in
the amount of the current outstanding principal at the prevailing
interest rate of 5%/year compounded monthly, what will be her
monthly mortgage payment? $ 1994. Incorrect: Your answer is
incorrect. (d) How much less would Diane's monthly mortgage payment
be if she refinances? $ 574 Incorrect: Your answer is
incorrect.