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Mr Ethan has agreed with a bank for a residential mortgage of $450,000 at a 6% initial interest rate for 25 years. The payments would

Mr Ethan has agreed with a bank for a residential mortgage of $450,000 at a 6% initial interest rate for 25 years. The payments would be reset at an 8% composite rate at the end of year 5. What would be the new monthly payment of the loan at the end of year 5

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