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i (eff) = 5.00% A mortgage of $420,000 is amortized monthly (at the end of the term) over 25 years. After 5 years, the loan

i^(eff) = 5.00%

A mortgage of $420,000 is amortized monthly (at the end of the term) over 25 years. After 5 years, the loan is renegotiated at a new rate of 4.75%.

Calculate the new monthly payment.

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