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To expand their growing business, Jansen Jaffles secures a small business loan of $$35,000 from Westpac...

To expand their growing business, Jansen Jaffles secures a small business loan of $$35,000 from Westpac Bank at the rate of 6.6% 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), Jansen runs into problems and needs to extend the loan maturity by one additional year to lower the monthly payments. Assuming the interest rate remains the same and that there are no penalties or extra charges, what will be the new monthly payments?

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