John takes a 10 year loan of 30000 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.

, 0 John takes a 10 year loon of 30,000 at nominal anual interest rate of 6% Convertible monthly. Right after the payment at the end of the 5th year, John re finances 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