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Consider a 20-year mortgage for $196,904 at an annual interest rate of 5.5%. After 8 years, the mortgage is refinanced to an annual interest rate

Consider a 20-year mortgage for $196,904 at an annual interest rate of 5.5%. After 8 years, the mortgage is refinanced to an annual interest rate of 2.5%. What are the monthly payments after refinancing? Round your answer to the nearest dollar

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