Mr. Stapleton and Mr. Timberlake form a limited partnership to purchase real estate in downtown Spartanburg that they will lease to a new restaurant and bar operated by Steeldrivers LLC. Terms: borrow \\( \\$ 600,000,20 \\) year amortization, \\( 7.20 \\% \\) fixed annual rate After making payments for 48 months, the partnership refinances the outstanding balance plus closing costs of \\( \\$ 3,500 \\) at a new rate of \\( 6.15 \\% \\) for 16 years. What is the new monthly payment