Question: Need Computation thanks Current Attempt in Progress Five years ago, Steven borrowed $320,000 to purchase a house in Sandy Lake. At the time, the quoted

Need Computation thanks

Current Attempt in Progress 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 Stever'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 $

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