Todd has a $100,000 25-year mortgage with a 12% nominal interest rate convertible monthly. The first payment is due one month after the mortgage is taken out. Twelve years after taking out the mortgage (after making his 144th payment), he refinances with a new nominal interest rate of 8%, again convertible monthly. The new mortgage will be paid off on the same date as the original one. Calculate the difference in the monthly mortgage payment after refinancing.

Comparative financial statements for weller corporation, a merchandising company, for the year ending december 31 appear below. the company did not issue any new common stock during the year. a total of 800,000 shares of common stock were outstanding. the interest rate on the bonds, which were sold at their face value, was 12%. the income tax rate was 40% and the dividend per share of common stock was $0.40 this year. the market value of the company's common stock at the end of the year was $18. all of the company's sales are on account. time interest earned ratio