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From the image you uploaded, I can see two finance-related questions regarding mortgages.

### Question 8 (Diane's Mortgage)
Diane took out a loan of $320,000 to finance a loft, with a 30-year term and an 8%/year interest rate, compounded monthly. There are four parts to this question:

1. **(a) What is Diane’s current monthly mortgage payment?**
2. **(b) What is Diane’s current outstanding principal?**
3. **(c) If Diane refinances with a new mortgage at 6.5%/year compounded monthly, what will be her new monthly payment?**
4. **(d) How much less will Diane's monthly payment be if she refinances?**

### Question 9 (George's Adjustable-Rate Mortgage)
George took out an adjustable-rate mortgage (ARM) loan of $300,000 with an initial interest rate of 9%/year compounded monthly for a 30-year term. Currently, the interest rate for his ARM is 5.5%/year compounded monthly, and the question is asking:

1. **What will be the new monthly payment?**

I can help solve these by calculating the monthly mortgage payment formula and other related values. Let's start with calculating Diane's monthly payment and George's new payment.

Do you want to go step-by-step with these calculations, or would you prefer the final results directly? 

### Additional Questions:
1. What formula do we use to calculate the monthly mortgage payment?
2. How is the outstanding principal calculated after several years of payment?
3. What impact does refinancing have on a mortgage?
4. How does a lower interest rate affect the monthly mortgage payments?
5. What is the difference between an adjustable-rate mortgage (ARM) and a fixed-rate mortgage?

#### Tip:
When considering refinancing, it's important to calculate the total interest savings over the loan's lifetime, not just the monthly payment.

Diane secured a bank loan of $320,000 to finance the purchase of a loft with a 30-year mortgage term at an 8%/year interest rate, compounded monthly. The questions are: (a) What is Diane’s current monthly mortgage payment? (b) What is Diane’s current outstanding principal? (c) If Diane decides to refinance her property at a 6.5%/year interest rate, compounded monthly, what will her new monthly payment be? (d) How much less will Diane's monthly mortgage payment be if she refinances? Similarly, George took out an adjustable-rate mortgage loan of $300,000 with a 30-year term and a 9%/year interest rate compounded monthly. Now, the rate is 5.5%/year. What will be George’s new monthly payment?

Learn how to calculate monthly mortgage payments, outstanding principal, and the effects of refinancing. In this case, Diane's mortgage started with a $320,000 loan at 8% interest, and George's adjustable-rate mortgage originally had a 9% interest rate. Both explore new rates and payment calculations.

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