Please solve 1-13 thanks Assignment: Finance Writing Task1. Suppose that 10 years ago you bought a home for $160,000, paying 10% as a down payment,and financing the rest at 7% interest for 30 years. How much money did you pay as your downpayment?2. How much money was your existing mortgage (loan) for?3. What is your current monthly payment on your existing mortgage? Note: Carry at least 4decimal places during calculations, but round your final answer to the nearest cent.4.How much total interest will you pay over the life of the existing loan?5. This year (10 years after you first took out the loan), you check your loan balance. Only part ofyour payments have been going to pay down the loan; the rest has been going towardsinterest. You see that you still have $123,570 left to pay on your loan. Your house is nowvalued at $200,000. How much of the original loan have you paid off? (i.e, how much have youreduced the loan balance by? Keep in mind that interest is charged each month – it's not partof the loan balance.)6. How much money have you paid to the loan company so far (over the last 10 years)?7. How much interest have you paid so far (over the last 10 years)?8. How much equity do you have in your home (equity is value minus remaining debt)?9. Since interest rates have dropped, you consider refinancing your mortgage at a lower 6%rate. If you took out a new 30 year mortgage at 6% for your remaining loan balance, whatwould your new monthly payments be?10. How much interest will you pay over the life of the new loan?11. Notice that if you refinance, you are going to be making payments on your home for another30 years. In addition to the 10 years you've already been paying, that's 40 years total. Howmuch will you save each month because of the lower monthly payment?12. How much total interest will you be paying (consider the interest you paid over the first 10years of your original loan as well as interest on your refinanced loan)?13. Now the non-computational question: Does it make sense to refinance? (There isn't a correct

Mortgage/ Borrowings: Borrowings are the loan which is taken by the individual to meet its…

1. Suppose that 10 years ago you bought a home for $160,000, paying 10% as a down payment, and financing the rest at 7% interest for 30 years. How much money did you pay as your down payment? 2. How much money was your existing mortgage (loan) for? 3. What is your current monthly payment on your existing mortgage? Note: Carry at least 4 decimal places during calculations, but round your final answer to the nearest cent.