A 30-year fully amortizing mortgage loan was made 10 years ago for $75,000 at 10 percent interest. The borrower would like to prepay the mortgage balance by $10,000. Assuming he can reduce his monthly mortgage payments, what is the new mortgage payment (rounded to the nearest dollar)?

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Heres how to calculate the new monthly mortgage payment after a prepayment of 10000 on a 30year full... View the full answer