Five years ago, Anthony borrowed $260,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 7 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, Anthony must renegotiate his mortgage. If the current market rate for mortgages is 9 percent, what is Anthony's new monthly payment?