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A mortgage of $169,900 was taken out when the 5-year mortgage interest rate was 3.2% compounded semi-annually. 50 months later, the 5-year mortgage interest rate

A mortgage of $169,900 was taken out when the 5-year mortgage interest rate was 3.2% compounded semi-annually. 50 months later, the 5-year mortgage interest rate has decreased to 2.5%. What would be the new blend-and-extend mortgage rate if this mortgage is refinanced for a new 5-year term?

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