A company borrows $100,000 with interest at j12 = 9% to be paid back by monthly payments. After 5 years, interest rates have dropped to j12 = 6% and the company wishes to refinance their loan. The outstanding balance of the loan after 5 years (60 payments) is $39,660.90. If the company refinances the loan, they are subject to a penalty equal to 3 times one month's interest on the outstanding balance. Adding the penalty to the loan balance, and assuming the company will pay off the loan over 29 more months, what is the new monthly payment? Answer: $1505.71