2. A home loan of $350000 is made at time t=0. The term of the loan is 30 years. The loan is to be repaid with payments at the end of each month. The loan has a nominal annual rate of interest of 4.8% compounded monthly (i.e. 0.4% per month). After the 74th payment, the loan is refinanced at a nominal annual rate of interest of 3% compounded monthly (i.e. 0.25% per month). The new loan will have a new term of n=15 years (180 payments). Determine the payment amount for the new (refinanced) loan. Enter your answer to the nearest cent.