Jon has a $290,000 mortgage amortized over 20 years at 6.25% compounded quarterly for the first three years. When the mortgage came up for renewal, Jon paid $10,000 towards the principal, and refinanced at 5.8% compounded quarterly. What is Jon's new monthly payment?

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The Answer of Jon has a $290,000 mortgage amortized over 20 years at 6.25% compounded quarterly for the first three years. When the mortgage came up for renewal, Jon paid $10,000 towards the principal, and refinanced at 5.8% compounded quarterly. What is Jon's new monthly payment?

Jon Has a $290,000 Mortgage Amortized Over 20 Years at 6.25