Given the recent drop in mortgage interest rates, you have decided to refinance your home. Exactly five years ago, you obtained a $100,000 30-year mortgage with a fixed rate of 10% APR. Today, you can get a 30-year loan for the currently outstanding loan balance at 8% interest. This loan, however, requires you to pay a $250 appraisal fee and 3 points at the time of the refinancing (1 point equals 1% of the amount borrowed). Ignore tax considerations.
What is the outstanding balance on the loan today, if you just made the 60th payment?