You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year. After 1 years, you refinance the loan and get a 13-year loan at a rate of 6.48%.

a) When you first get the loan, how much is your payment? $ 390.24 Correct

b) Make a spreadsheet for your loan balance, interest, and payments. After 1 years of paying, how much do you owe? $

c) Adjust your spreadsheet for the new interest rate starting when you refinance in year 1. What is your new payment? $