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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 $ with a down payment of The financed the remainder of the purchase with a mortgage for at compounded semiannually with monthly payments and a year amortization period. Calculate the size of the new monthly payments if the mortgage is renewed after years at compounded semiannually.
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