Question: 8 . You have just negotiated a five - year mortgage contract on $ 2 0 0 , 0 0 0 , amortized over 2

8. You have just negotiated a five-year mortgage contract on $200,000, amortized over 25 years with monthly payments, at a rate of 6%. Assume after five years the mortgage rate changes to 5%. What will be your new monthly payments after 5 years?

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