You have decided to refinance your mortgage. you plan to borrow whatever is outstanding on your current mortgage. the current monthly payment is $1,850 and you have made every payment on time. the original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. you have just made your monthly payment. the mortgage interest rate is 6.375% apr. how much do you owe on the mortgage today?

After hearing a knock at your front door, you are surprised to see the prize patrol from a large, well-known magazine subscription company. it has arrived with the good news that you are the big winner, having won $21 million. you have three options.(a) receive $1.05 million per year for the next 20 years.(b) have $8.25 million today.(c) have $2.25 million today and receive $750,000 for each of the next 20 years.your financial adviser tells you that it is reasonable to expect to earn 13 percent on investments.