A while ago, a couple purchased a home with a sales price of $890,000, making a 20% down payment and financing the rest with a 30-year adjustable rate mortgage fixed at 3.5% for the first seven years. Now that the fixed rate period is up, the couple is facing a higher adjustable rate. They now plan to refinance into a fixed rate 15-year mortgage at 4.9%, allowing them to pay it off before they retire. What will their new monthly payments be? Assume there are no costs associated with the refinance.

Answer = $ (Round to the nearest cent/penny)

Note: In many adjustable rate mortgages, there is a period of time where the interest rate is fixed. After that time, the rate can adjust regularly based on economic conditions and bank policy. This means the monthly payments could change dramatically once the "fixed rate" period, in this case the first 7 years, is over.

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