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You purchase a $450,000 town home and you pay 20 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 6.5 percent.

You purchase a $450,000 town home and you pay 20 percent down. You obtain a 30-year fixed-rate mortgage with an annual interest rate of 6.5 percent. After five years you refinance the mortgage for 25 years at a 5.75 percent annual interest rate. After you refinance, what is the new monthly payment (to the nearest dollar)? 

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