Five years ago, Franklin borrowed $300,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 6 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, Franklin must renegotiate his mortgage. If the current market rate for mortgages is 8 percent, what is Franklin’s new monthly payment?
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