Assume you have just taken a 30-year mortgage of $450,000 at 9% with monthly compounding. Further, suppose that in 10 years (immediately after the 120th payment) interest rates fall to 6% with monthly compounding. You decide to refinance at that time to a 15-year loan at the new lower rate. 

Assume refinancing costs are 2% of the amount refinanced.

 Find your new payment for the refinanced loan.