Suppose that a couple decide to refinance a 30-year home loan after making monthly payments for 3 years. The original loan amount was $285,000 with an annual interest rate of 5.5% compounded monthly. This couple accepts an offer from a California bank to refinance their loan with no closing costs. The new loan will be for 15 years at the lower interest rate of 4.25% compounded monthly. (a) After refinancing, how much will the monthly payment increase? (b) Over the full term of the new loan, how much interest will be saved?