Question: * Your answer is incorrect. Five years ago. William borrowed $260,000 to purchase a house in Sandy Lake. At the time. ne quoted rate on

* Your answer is incorrect. Five years ago. William borrowed $260,000 to purchase a house in Sandy Lake. At the time. ne 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 isomplete. William must renegotiate his mortgage. If the current market rate for mortgages is 7 percent, what is William'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. Donc round your intermediate calculations.) New monthly payment S 1785.83

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