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Determining the chris new monthly payment

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Five years ago, Chris borrowed $280,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 4 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, Chris must renegotiate his mortgage. If the current market rate for mortgages is 6 percent, what is Chris's new monthly payment?

Reference no: EM133074586

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