Question: The interest rate for the first five years of a $86,000 mortgage loan is 7.25% compounded semiannually. Monthly payments are calculated using a 20-year

The interest rate for the first five years of a $86,000 mortgage

The interest rate for the first five years of a $86,000 mortgage loan is 7.25% compounded semiannually. Monthly payments are calculated using a 20-year amortization. What will be the new payments if the loan is renewed at 6% compounded semiannually (and the original amortization period is continued)? (Round your answer to 2 decimal places.)

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