John borrowed 140 000 from a bank 4 years ago. The annual interest rate was 6.6% at the time and the repayment schedule is based on monthly annuity payments. There is still 8 years to fully repay the debt. Now John approached the competitive bank and asked for possibilities to refinance. The bank was sympathetic to the request and offered 4.8% as an interest rate. However, the refinancing fee is 1.5% of the loan balance. Questions: a) Find the initial monthly loan payment. b) Find the loan balance before refinancing. c) Find the new monthly loan payment. d) Given the fee, should John refinance?