Ron has $42,000 remaining on his student loan with an annual interest rate of 6%. He plans to pay off the loan in 10 years. Assume that he can refinance his loan at 4%. Use the table below to answer the questions. a) What are his monthly payments on the original loan? b) How much will his new monthly payment be? r 4% 3 years $29.53 4 years $22.58 10 years $10.12 20 years 30 years $6.06 $4.77 5% 29.97 23.03 10.61 6.60 5.37 6% 30.42 23.49 11.10 7.16 6.00 8% 31.34 24.41 12.13 8.36 7.34 10% 32.27 25.36 13.22 9.65 8.78 12% 33.21 26.33 14.35 11.01 10.29 Monthly payments on a $1,000 loan.