Suppose you decide to buy a $200,000 condo. You make a 10% down payment and take out a 30-year fixed-rate mortgage at 6%. a) What is your monthly payment? b) Suppose in three years the rate for a 15-year fixed rate mortgage is 5%. What would your new monthly payment be if you decided to refinance then?

Please provide the response using the NVP formula, with already converted monthly rate and time.