Question: Thanks. Current Attempt in Progress Five years ago, George borrowed $220,000 to purchase a house in Sandy Lake. At the time, the quoted rate on

Thanks. Current Attempt in Progress Five years ago, George borrowed $220,000

Thanks.

Current Attempt in Progress Five years ago, George borrowed $220,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 6 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, George must renegotiate his mortgage. If the current market rate for mortgages is 8 percent, what is George'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 $

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