how to solve this problem in details

(20 points) You applied at Byblos Bank for a loan of $400,000 to buy a new home. The loan committee at the bank approved your request and decided to charge you an annual interest rate of 12 percent compounded monthly. The loan will be repaid in monthly installments for 30 years. Determine the value of each monthly payment. b. Determine the beginning balance, interest charges, fraction of the principal paid, and ending balance as they appear in the 130 payment. Assume that after paying for 15 years the interest rate on similar loans falls to 6 percent annually (compounded monthly). You are contemplating refinancing the loan to benefit from the low rate of 6 percent. Assume that the bank will accept your request with one condition that is to pay a penalty equal to 3 percent of the remaining balance. Will it be beneficial to pay the balance plus the penalty