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Six years ago you took out a loan of $ 1 8 0 , 0 0 0 to finance the purchase of a home $

Six years ago you took out a loan of $180,000 to finance the purchase of a home $220,000. The loan was 30 years of monthly payments at an interest rate of 8% with interest rates now at 5% you just refinance the full balance of your home for 20 years. What will be your new monthly payment?

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