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MAP4C - Foundations for College Mathematics Lesson 3 Key Question #3 (continued) 4. 5. The Vaughan's have a mortgage of $725 000 amortized over 25 years at 4.25% compounded monthly. After the original 4 year term, the mortgage is renewed at 4.0% compounded monthly. Calculate the new monthly payment. A bank charges 7.75% compounded monthly on a mortgage. The Markins have an excellent credit rating. They negotiated a rate of 7% compounded monthly on a mortgage on $230 000 amortized over 25 years. By how much did the Markins reduce their monthly payment by negotiating the lower rate of interest