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The Smiths purchased a vacation home for $ 4 5 0 , 0 0 0 , with a down payment of 2 5 % .

The Smiths purchased a vacation home for $450,000, with a down payment of 25%. The financed the remainder of the purchase with a mortgage for at 2.75% compounded semi-annually with monthly payments and a 25 year amortization period. Calculate the size of the new monthly payments if the mortgage is renewed after 5 years at 2.25% compounded semi-annually.

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