Question 15 Jenny takes out a loan of $27,000 from Bendigo Bank for her small business at 11.00% p.a. compounded monthly and promises to pay it back over six years with equal monthly payments. Twenty-two months after taking out the loan (just after the twenty-second payment is made), she decides to refinance her loan at a lower rate of 8.00% p.a. compounded monthly offered by Qudos Bank for the remaining term of the loan. Assuming she can do so immediately and there are no refinancing costs or charges, what will her new monthly payments be? a. $490.87 b. $473.40 c. $636.77 d. $484.39 e. $513.92