You have decided to purchase of a new state-of-the-art 3D printer for your business, which costs $13,250. Your credit union has offered to finance the entire purchase cost through a commercial loan with an interest rate of 9% compounded monthly. They have even offered deferred payments (deferring both principal and interest payments) for the first six months. Once this grace period is over you will then repay the loan in equal end-of-month payments for the next 3 years. After you make the 16th payment a different local bank has decided to refinance the remaining balance at a lower interest rate of 7% compounded quarterly and to be paid off in equal quarterly installments over the subsequent 3 years. What are the monthly payment amount for the original loan and the quarterly payment amount for the refinanced loan?
Please use formulas not through excel,