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The Smiths have a $180,000 mortgage paid monthly and amortized over 20 years. They chose a 4 year term with 6.5% compounded semi-annually. What will

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The Smiths have a $180,000 mortgage paid monthly and amortized over 20 years. They chose a 4 year term with 6.5% compounded semi-annually. What will their new monthly payments be when they renew their mortgage at the end of the 4 year term if they renew at 6.2% compounded semi-annually and amortize this new mortgage over 15 years? Your

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