John takes a 10 year loan of 3000 at nominal rate annual interest rate of 6% convertible monthly. Right after the payment at the end of the 5th year, John refinance the outstanding balance using a 5 year loan with nominal rate annual rate of 3% convertible monthly. Both loans have level monthly payments. what is amount of each monthly payment on the second loan. This Is Financial Math !!! Please solve using formulas and show everything step by step. Solve everything out on paper. Thank You. a 5 John takes a 10 year loon of 30,000 at nominal anwal interest rate 46% Convertible, monthly. Right after the payment at the end of the 5th year, John refinances the outstanding balance using a 5 year loan with nominal annual rate of 3% convertible monthly. Both loans have level monthly payments. What is the amount of each monthly payment on the second loon