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A borrower is repaying a $87000 loan at 3.4%/year compounded monthly with monthly payments over 20 years. Just after the 60th payment he has the

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A borrower is repaying a $87000 loan at 3.4%/year compounded monthly with monthly payments over 20 years. Just after the 60th payment he has the loan refinanced at 1.4%year compounded monthly. If the number of payments remains unchanged, what will be the new monthly payment? (Enter the value only; do NOT add a $ sign.)

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