Rihanna took out a 4-year amortized loan for $12,000 at 12% to pay her tuition at a music conservatory. After 1 year, she refinanced the unpaid balance of $9,515 at a 6% interest rate. Use the table to find the monthly payments on the original loan; the monthly payments on the new loan; and the total amount saved on interest by refinancing. LOADING... Click the icon to view a table of monthly payments on a $1,000 loan.