Question: Your answer is incorrect Five years ago. Brian borrowed $340,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the

Your answer is incorrect Five years ago. Brian borrowed $340,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 5 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, Brian must renegotiate his mortgage, If the current market rate for mortgages is 7 percent what is Brian'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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