Question: Question 69 * Your answer is incorrect. Try again. 7 years ago, Jack borrowed $293,800 to purchase a house in Sandy Lake. At the time,

Question 69 * Your answer is incorrect. Try again. 7 years

Question 69 * Your answer is incorrect. Try again. 7 years ago, Jack borrowed $293,800 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 7 years, and the payments were made monthly. Now that the term of the mortgage is complete, Jack must renegotiate his mortgage. If the current market rate for mortgages is 5 percent. What is Jack's new monthly payment? (Round effective monthly rate to 6 decimal places, e.g. 25.125412% and final answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.) New monthly payment 1676.80 LINK TO TEXT

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