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15 years ago, Tammy borrowed $350,000 to buy a house. She has a 30 year, 10% fixed rate mortgage. She made the 180th payment today.

15 years ago, Tammy borrowed $350,000 to buy a house. She has a 30 year, 10% fixed rate mortgage. She made the 180th payment today. Payments are made monthly. Given that she can refinance at 3.8% p.a., with a new mortgage loan with 15-year maturity, what is the new monthly payment?

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