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10 years ago, Tammy borrowed $650,000 to buy a house. She has a 30 year, 6% fixed rate mortgage. She made the 120 th payment

10 years ago, Tammy borrowed $650,000 to buy a house. She has a 30 year, 6% fixed rate mortgage. She made the 120 th payment today. Payments are made monthly. Given that she can refinance at 1.2% p.a., what is the new monthly payment? 1500 1600 1700 1800

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