A loan of $10,000 is to be repaid over 6 years with equal monthly payments at j₁₂ = 15%.After 4 years,the outstanding balance on the loan is $4361.00.The loan carries a prepayment penalty equal to 3 times one month's interest on the outstanding balance.The borrower refinances the loan with another bank over the remaining 2 years at j₁₂ = 12%.Taking into account the penalty,what is the new monthly payment?

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The Answer of A loan of $10,000 is to be repaid over 6 years with equal monthly payments at j₁₂ = 15%.After 4 years,the outstanding balance on the loan is $4361.00.The loan carries a prepayment penalty equal to 3 times one month's interest on the outstanding balance.The borrower refinances the loan with another bank over the remaining 2 years at j₁₂ = 12%.Taking into account the penalty,what is the new monthly payment?

A Loan of $10,000 Is to Be Repaid Over 6