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You have just negotiated a 5 year mortgage on $200,000 amortized over 25 years at a rate of 6%. Assume after five years the mortgage

You have just negotiated a 5 year mortgage on $200,000 amortized over 25 years at a rate of 6%. Assume after five years the mortgage rate changes to 5%, what will be your new payments after 5 years.

The answer should be: 1180.68

But how??? Please show all steps! No excel

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