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Finding the new monthly payment on mortgage

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Reference no: EM132811939

You purchased your home 6 years ago on a 25-year mortgage with monthly payments. You are looking to renegotiate your interest rate with your bank on the current mortgage balance of $200,000. The bank is offering you an effective monthly rate of 0.310%. What is the new monthly payment on your mortgage?

Reference no: EM132811939

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