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Posted on May 18, 2024

Consider a 2 0 - year mortgage for $ 2 0 2 , 0 1 1 at an annual interest rate of 5 % .

Consider a

20 -

year mortgage for $

202, 011

at an annual interest rate of

5 % .

After

7

years, the mortgage is refinanced to an annual interest rate of

2.3 % .

What are the monthly payments after refinancing?Round your answer to the nearest dollar.

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