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3. Cindy took out a 30 year mortgage of 188,000 at a rate of 6%, convertible quarterly. She makes monthly payments for 7 and a

3. Cindy took out a 30 year mortgage of 188,000 at a rate of 6%, convertible quarterly. She makes monthly payments for 7 and a half years, then refinances the loan at 5% effective for 15 years. Calculate her new monthly payment amount after refinancing. (A) 1309 (B) 1326 (C) 1375 (D) 1405 (E) 1444

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