Calculate the new monthly payments

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Ricky uses a loan of USD 30,000 from Suisse Bank for her company which produces cars and the business is compounded at 6% monthly. He promises that he will repay the loan over a period of 2 years with equal payments every month. After 6 months has passed since he took out his loan (after 6th payment), he plans to refinance his loan with another loan that is offered at a lower rate by the Deutsch bank, 5.0% compounded monthly for the remaining loan term. Given that he can execute this plan immediately and there are no additional costs incurred for the refinancing, calculate the new monthly payments.

Reference no: EM132652409

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