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You have borrowed $200,000 at 5% for 30 years, with monthly payments. After five years [60 months], you are refinancing the loan at 4%. With

You have borrowed $200,000 at 5% for 30 years, with monthly payments. After five years [60 months], you are refinancing the loan at 4%. With a NEW 25 year amortization period, and monthly payments, what is your new monthly payment?

Group of answer choices

a. $1,074

b. $969

c. $825

d. $877

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