As mortgage interest rates have fallen since the time that Winsome took out her current variable rate mortgage, she has been looking at alternative mortgage loans with which to refinance. To have a different mortgage size and term, Winsome wishes to borrow the $285,000 that she still owes on her apartment over 20 years. Winsome has had the following interest rates and loan establishment fees quoted to her (repayments will monthly): 2.95 per cent per annum compounded monthly, application and processing fee $350; 2.57% per annum compounded monthly, application and processing fee $750; and 2.45% per annum compounded monthly, application and processing fee $1,050. As the loan to value ratio on her property is low, at approximately 40 per cent, no mortgage insurance will be required.