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Five years ago, Donald borrowed $ 3 2 0 , 0 0 0 to purchase a house in Sandy Lake. At the time, the quoted

Five years ago, Donald borrowed $320,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 3 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, Donald must renegotiate his mortgage. If the current market rate for mortgages is 5 percent, what is Donalds new monthly payment?

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