Q1) Ricky and Lucy have made a decision to refinance their home mortgage loan. Their present home mortgage loan is for $500,000. Mortgage interest rate is 6.75% and it is to be paid off in 30 years with equal monthly payments. After 3 full years of payments, Ricky and Lucy will refinance balance at 3.0%, to be paid off in 15 years with equal monthly payments. What will Ricky and Lucy's new monthly payments be? Illustrate calculations.