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You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 6.12

You purchase a $325,000 town home and you pay 25 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 6.12 percent. After five years you refinance the mortgage for 27 years at a 6.00 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)?

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