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You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2,653 and you have made every payment on time. The original term of the mortgage was 30 years with an EAR of 6 5/8%, and the mortgage is exactly eight years and four months old. You have just made your monthly payment. How much do you owe on the mortgage today?

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