Geek company purchased a truck and financed it with Rip Finance Company. Greek is delinquent on the note. The unpaid principle is 22,000 and the unpaid accrued interest is 1400. The loan was originally written at a 12% annual interest rate. Greek will turn the truck over to Rip at an agreed value of 12000. Rip will then refinance the balance over two years with monthly payments of $450. Assume the truck has a net book value of 14000. Calculate the gain on TDR for Greek and the resulting monthly interest rate. Record the restructuring of the debt by Rip Financial.