Five years ago, John borrowed $$360,000$ to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was $6$

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, John must renegotiate his mortgage. If the current market rate for mortgages is $8$ percent, what is John's new

monthly payment? $($Round effective monthly rate to $6$ decimal places, e$.$g$.25\mathrm{.}125412\%$ and final answer to $2$ decimal places, e$.$g$.125\mathrm{.}12.$ Do

not round your intermediate calculations.$)$

New monthly payment

$