A $250,000 mortage is taking out on 20 year fixed rate term. The fixed rate of loan is the nominal annual rate of i compounded monthly. Level payments of 1986.56 are made at the end of each month. At the end of the 4th year (48th mo.) the loan is refinanced. The new rate is a nominal annual rate of i-0.6% compounded monthly (i.e., annual rate is reduced by 0.06%). The re-fi has a new 20 year term (total of 240 payments).
Determine the amount of the new payment in the re-fi loan.