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After owning his home for 4 years, Braxton wants to refinance his mortgage interest rate from 5 % to 3 . 2 5 % .

After owning his home for 4 years, Braxton wants to refinance his mortgage interest rate from 5% to 3.25%. If his current mortgage payment on his 20-year mortgage is $2,536.72 and he will refinance the unpaid balance for 30 years, what is Braxton's new monthly payment (in dollars)?(Round your answer to the nearest cent.)

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