Solve the problem. Use the given table to find monthly payments.
Harold took out a 4-year amortized loan for $19,000 at 10% to pay his tuition at a technical institute. After 1 year, he refinanced the unpaid balance of $14,933 at a 6% interest rate. Find the monthly payment on the original loan; the monthly payment on the new loan; and total amount saved on interest by refinancing. All interest rates are annual interest rates.
A. $481.84; $454.26; $6774.96
B. $481.84; $481.89; $992.88
C. $481.84; $481.89; $6774.96
D. $481.84; $454.26; $992.88
Answer: D
Mathematics
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