Cliff and Marcie are refinancing their 20-year mortgage of $250,000 after 10 years. They are reducing the principal amount by $50,000, but keeping the same monthly payment. If interest is 5.5% compounded quarterly, by how much will Cliff and Marcie reduce the amortization period of their mortgage?

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The Answer of Cliff and Marcie are refinancing their 20-year mortgage of $250,000 after 10 years. They are reducing the principal amount by $50,000, but keeping the same monthly payment. If interest is 5.5% compounded quarterly, by how much will Cliff and Marcie reduce the amortization period of their mortgage?

Cliff and Marcie Are Refinancing Their 20-Year Mortgage of $250,000