To expand their growing business, Jansen Jaffles secures a small business loan of $38,000 from Westpac Bank at the rate of 8.0% compounded monthly and promises to pay it back over two years with equal monthly payments. Six months after taking out the loan (just after making the 6th payment), National Australia Bank (NAB) offers a lower rate of 5.0% compounded monthly to refinance the loan with no penalties or charges for switching banks. 1. What is the value of the monthly payments to Westpac before the refinancing? (Give answser to 4 decimal places) 2. What is the value of the loan after the 6 th payment? (Give answser to 4 decimal places) If Jansen's owner decides to take the NAB refinancing offer immediately and assuming the maturity of the loan remains unchanged, 3. What is the value of the new monthly payments to NAB after the refinancing? (Give answser to 4 decimal places)