Question: A 2 0 - year loan for 7 5 , 0 0 0 is to be paid off with level end - of - month

A 20-year loan for 75,000 is to be paid off with level end-of-month payments. The annual nominal interest rate on the loan is 9% compounded monthly. Immediately after the 24th payment, the loan is refinanced at a new interest rate of 7% compounded monthly. The maturity of the loan is unchanged.
Calculate the new end-of-month payment amount.

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