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Seven years ago a borrower took a mortgage for $ 1 5 0 , 0 0 0 at 6 % for 3 0 years. We
Seven years ago a borrower took a mortgage for $ at for years. We call this year mortgage as the old mortgage. Currently, the market interest rate is The borrower is considering refinancing to a new year mortgage at the current interest rate. We call this year mortgage as the new mortgage. The lender has a prepayment penalty of of the outstanding loan balance and the closing cost of the new mortgage is of the loan amount. What is the monthly payment of the new mortgage?
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