The Smiths are refinancing their home mortgage to a15?-year loan at 6.9 % annual interest compounded monthly. Their outstanding balance on the loan is $137,000.
?(a) Under their current? loan, the? Smiths' monthly mortgage payment is $1497.
How much will the Smiths be saving in their monthly mortgage payments by? refinancing?
?(b) How much interest will the Smiths pay over the life of the new? loan?