Question: Consider a 2 - year, fixed rate mortgage with an original balance of $ 3 3 , 0 0 0 and an interest rate of

Consider a 2-year, fixed rate mortgage with an original balance of $33,000 and an interest rate of 5.2%. Suppose right after the month 8 payment has been made, the interest rate declines by 2%. What would be the new monthly payment if the home-owner were to refinance with a new 2-year loan at the new rate?
Round your answer to 2 decimal places (nearest cent).

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