Question: Current Attempt in Progress Five years ago, Anthony borrowed $ 2 6 0 , 0 0 0 to purchase a house in Sandy Lake. At

Current Attempt in Progress
Five years ago, Anthony borrowed $260,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the martge 7
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, Anthony must renegotiate his mortgage. If the current market rate for mortgages is 9 percent, what is
Anthony'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 $
Current Attempt in Progress Five years ago, Anthony borrowed $260,000 to

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