The Smiths are refinancing their home mortgage to a 15-year loan at 4.8% annual interest compounded monthly. Their outstanding balance on the loan is $128,000.

(Do not round until the final answer. Then round to the nearest dollar as needed.)

(a) Under their current loan, the Smiths' monthly mortgage payment is $1302. How much will the Smiths be saving in their monthly mortgage payments by refinancing?

(b) How much interest will the Smiths pay over the life of the new loan?