The mortgage on your house is five years old. It required monthly payments of $ 1 comma 422​, had an original term of 30​ years, and had an interest rate of 8 % ​(APR). In the intervening five​ years, interest rates have fallen and so you have decided to refinancelong dashthat ​is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a​ 30-year term, requires monthly​ payments, and has an interest rate of 6.625 % ​(APR).