Question: *Interest rate is compounded semi-annually* X Your answer is incorrect. Five years ago, Steven borrowed $320,000 to purchase a house in Sandy Lake. At the

*Interest rate is compounded semi-annually*
*Interest rate is compounded semi-annually* X Your answer is incorrect. Five years

X Your answer is incorrect. 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, eg 25.125412% and final answer to 2 decimal places, eg. 125.12. Do not round your intermediate calculations.) New monthly payment $ 1996.80

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