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A person will buy a $250,000 home paying 20% down and financing the rest at the annual interest rate of 7% compounded monthly. He will

A person will buy a $250,000 home paying 20% down and financing the rest at the annual interest rate of 7% compounded monthly. He will make monthly payments for 30 years to pay off the loan. If he refinances after 10 years at annual interest rate 6% compounded monthly, what is his new payment, assuming the loan is paid off in the remaining 20 years.

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