**Transcribed Image Text: **(1 point) Dave currently makes monthly payments towards a 29-year mortgage of $200000 with an interest rate of 14.4% compounded monthly. After making the 64th payment, Dave refinanced his mortgage at an interest rate of 8.4% compounded monthly and renegotiated his term. This resulted in Dave's monthly payments being reduced by $500. How large will Dave's final drop payment be? Answer: $ NOTE: When calculating a payment or outstanding balance, round appropriately and carry that value through further calculations.

**More** **Transcribed Image Text: **(1 point) Dave currently makes monthly payments towards a 29-year mortgage of $200000 with an interest rate of 14.4% compounded monthly. After making the 64th payment, Dave refinanced his mortgage at an interest rate of 8.4% compounded monthly and renegotiated his term. This resulted in Dave's monthly payments being reduced by $500. How large will Dave's final drop payment be? Answer: $ NOTE: When calculating a payment or outstanding balance, round appropriately and carry that value through further calculations.