A man takes out a loan over 25 years. He makes monthly repayments in arrear. The first payment is M50 and the remaining payments increase by M5 each time until the payments reach M770. The remaining payments are then all M770. The interest rate charged on the loan is 7.5% pa effective. At the end of the sixth year (after the payment due) the man decides to reschedule the loan over a term of ten years with level monthly payments. He negotiates a deal with the bank issuing the loan to reduce the interest he pays by 0.1% pa. Calculate the amount of the new repayment.