Question: Five years ago, Steven borrowed $ 3 2 0 , 0 0 0 to purchase a house in Sandy Lake. At the time, the quoted

Five years ago, Steven borrowed $

320, 000

to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was

4

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, Steven must renegotiate his mortgage. If the current market rate for mortgages is

6

percent, what is Steven

s new monthly payment?

(

Round effective monthly rate to

6

decimal places, e

.

. 25.125412 %

and final answer to

2

decimal places, e

.

. 125.12 .

Do not round your intermediate calculations.

)

New monthly payment $

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