6 years ago, Xiang borrowed $258,700 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 5 percent, the amortization period was 25 years, the term was 6 years, and the payments were made monthly. Now that the term of the mortgage is complete, Xiang must renegotiate his mortgage. If the current market rate for mortgages is 7 percent.

What is Xiang's new monthly payment?(Round effective monthly rate to 6 decimal places, e.g. 25.125412% and final answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.)

New monthly payment $