Five years ago, you took out a fixed-rate mortgage for $300,000 at an APR of 6% and

Question:

Five years ago, you took out a fixed-rate mortgage for $300,000 at an APR of 6% and with a five-year term and an amortization period of twenty-five years. Now, you are about to renew the loan for another term of five years at the APR of 5%.What is the amount of monthly payment under this new term?

Fantastic news! We've Found the answer you've been seeking!