Question: X Your answer is incorrect. Five years ago, Donald borrowed $320,000 to purchase a house in Sandy Lake. At the time, the quoted rate on

X Your answer is incorrect. Five years ago, Donald borrowed $320,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 3 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, Donald must renegotiate his mortgage. If the current market rate for mortgages is 5 percent, what is Donald's new monthly payment? {Round effective monthly rate to 6 decimal places, eg. 2512541296 and nal answer to 2 decimal places, 3.3. 125.12. Do not round your intermediate calculations}

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