Question: ALSO is not 1995.27 too Question 69 x Your answer is incorrect. Try again. 5 years ago, Stephen borrowed $318,700 to purchase a house in

ALSO is not 1995.27 too Question 69 x Your answer is

ALSO is not 1995.27 too

Question 69 x Your answer is incorrect. Try again. 5 years ago, Stephen borrowed $318,700 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 5 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, Stephen must renegotiate his mortgage. If the current market rate for mortgages is 7 percent. What is Stephen's new monthly payment? (Round effective monthly rate to 6 decimal places, e.g. 25.125412% and final answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) New monthly payment 2188.71 LINK TO TEXT

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