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Dave currently makes monthly payments towards a 25-year mortgage of $290000 with an interest rate of 13.2% compounded monthly. After making the 65th payment, Dave
Dave currently makes monthly payments towards a 25-year mortgage of $290000 with an interest rate of 13.2% compounded monthly. After making the 65th payment, Dave refinanced his mortgage at an interest rate of 8.4% compounded monthly and renegotiated his term. This resulted in Dave's monthly payments being reduced by $400. How large will Dave's final drop payment be?
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