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What is jack new monthly payment

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7 years ago Jack borrowed 293,000 to purchase a house in Sandy Lake. At the time the quoted rate on the mortfgage was 4 percent , the amortization period was 25 years, the term was 7 years, and the payments were made monthly. Now that the term of the mortgage is complete , Jack must renegotiate his mortgage. If the current market rate for mortgages is 5 percent.

What is Jack's new monthly payment?

Reference no: EM132404618

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