Five years ago, Paul borrowed $280,000 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, Paul must renegotiate his mortgage. If the current market rate for mortgages is 8 percent, what is Paul's new monthly payment? (Round effective monthly rate to 6 decimal places, e.g. 25.125412\% and final answer to 2 decimal places, eg. 125.12. Do not round your intermediate calculations.)