Calculate their new monthly payment

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Reference no: EM131900753

A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j₂=4% for the first 5 years.

Calculate their new monthly payment (rounded up to the next cent) if they refinance at j₂=4.75% after the first 5 years are up.

Could you please do this with all necessary steps.?

Reference no: EM131900753

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