Bob has a 30-year mortgage with 5.25% (APR) that he just made the 56th payments. He always pays $3,120 on time at the end of the month, as the bankers required. Bob decides to refinance his mortgage right away as he just qualifies a very good rate from another bank. The new 30-year mortgage loan does not incur any fees and promises a lower interest rate at 3.9%. Bob plans to borrow whatever is outstanding on your current mortgage. (Note: Be careful not to round any intermediate steps less than six decimal places.) (a) How much does Bob owe on the original mortgage today? (b) How much will be Bob's monthly payment after he refinances with the new mortgage? (a) The amount you owe today is $. (Round to the nearest dollar.) (b) Bob's monthly mortgage payment on the new loan after refinancing the full outstanding balance is $ (Round to the nearest dollar.)