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Five years ago, John borrowed $360,000 to purchase a house in Sandy Lake. At the...

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Accounting

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Five years ago, John borrowed $360,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 6 percent, the amortization period was 25 years, the term was 5 years, and the payments were made monthly. Now that the term of the mortgage is complete, John must renegotiate his mortgage. If the current market rate for mortgages is 8 percent, what is John's new monthly payment? (Round effective monthly rote to 6 decimal places, eg 25.125412% and final answer to 2 decimal places, es 125.12. Do not round your intermediate calculations.) New monthly payment 3205.67

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