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Emily owns a small house whose current market value is $ 8 0 0 , 0 0 0 , with a $ 2 0 0

Emily owns a small house whose current market value is $800,000, with a $200,000 mortgage on the current house. Now she has signed a contract to sell the house at the market price and received $800,000 from the buyer. She will use the left cash ($600,000) to purchase a new house valued at $1104972; the rest of the amount will be financed via a new home loan. Emily wants to borrow a 27-year new home loan from the bank at an annual interest rate of 4.5% with monthly payments. Suppose that the bank's annual required return rate is 6.1%; what is the present value of the new mortgage loan?(Keep 2 decimal places in the solution box and do not input $ in the solution box, e.g., if you obtain $258.54613 as the correct outcome, please input 258.55 in your solution box. )

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