Question: George secured a n adjustable - rate mortgage ( A R M ) loan t o help finance the purchase o f his home 5

George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $250,000 for a term of30 years, with interest at the rate of9%year compounded monthly. Currently, the interest rate for his ARM is5.5%year compounded monthly, and George's monthly payments are due tobe reset. What will be the new monthly payment? (Round your answer to the nearest cent.)

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