$(3$ points$)$ Please show all work. Eight years ago, Diane secured a bank loan of $$300,000$ to help finance the

purchase of a loft in the San Francisco Bay area. The term of the mortgage was $35yr,$ and the interest rate

was $7\frac{\%}{?}$ year compounded monthly on the unpaid balance. Because the interest rate for a conventional $35-yr$

home mortgage has now dropped to $5\frac{\%}{?}$ year compounded monthly, Diane is thinking of refinancing her

property. What would Diane's monthly mortgage payment be if she refinances? Please round the answer to

the nearest cent.

$($a$)$ Calculate her current monthly payment.

$($b$)$ Calculate her current outstanding balance.

$($c$)$ If Diane decides to refinance her property by securing a $35-$yr home mortgage loan in he amo

current outstanding principal at the prevailing interest rate of $5\%/$year compounded monthly, what

will be her monthly mortgage payment?