Susan has a mortgage for $250,000 with a 20-year amortization period and a three-year term at 6.25% compounded quarterly. She makes payments monthly. Susan has decided to pay a lump sum of $25,000 when her mortgage comes up for renewal. What will be the size of her monthly payment if at the time of renewal, interest is 5.8% compounded annually?

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The Answer of Susan has a mortgage for $250,000 with a 20-year amortization period and a three-year term at 6.25% compounded quarterly. She makes payments monthly. Susan has decided to pay a lump sum of $25,000 when her mortgage comes up for renewal. What will be the size of her monthly payment if at the time of renewal, interest is 5.8% compounded annually?

Susan Has a Mortgage for $250,000 with a 20-Year Amortization