Five years ago, Diane secured a bank loan of $370,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 8% per year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 5% per year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to the nearest cent.)

(a) What is Diane's current monthly mortgage payment? $ (b) What is Diane's current outstanding balance? $ (c) If Diane decides to refinance her property by securing a 30-year home mortgage loan in the amount of the current outstanding principal at the prevailing interest rate of 5% per year compounded monthly, what will be her monthly mortgage payment? Use the rounded outstanding balance. $ (d) How much less would Diane's monthly mortgage payment be if she refinances? Use the rounded values from parts (a)-(c).

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