Erica has a mortgage for $200,000 with a 20-year amortization period and a five-year term at 5.5% compounded quarterly. She makes payments monthly. If Erica renews the full outstanding balance at the end of the five-year term at 6.75% compounded semi-annually, what will be the size of her monthly payment?

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The Answer of Erica has a mortgage for $200,000 with a 20-year amortization period and a five-year term at 5.5% compounded quarterly. She makes payments monthly. If Erica renews the full outstanding balance at the end of the five-year term at 6.75% compounded semi-annually, what will be the size of her monthly payment?

Erica Has a Mortgage for $200,000 with a 20-Year Amortization