Question: Three years ago, you took out a 3 0 - year fully amortizing, fixed rate mortgage of $ 3 2 0 , 0 0 0

Three years ago, you took out a 30-year fully amortizing, fixed rate mortgage of $320,000 at 7% p.a. compounded monthly.
Today, you refinance into a fully-amortizing, fixed-rate mortgage with maturity in 15 years at the interest rate of 5% p.a. compounded monthly.
The monthly payment for the new mortgage equals

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