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compounded monthly. After the original 5 year term, the mortgage is renewed at 6.5% compounded monthly. Calculate the new monthly payment. Key Question #3 1. Determine the monthly payment for each mortgage. The interest is compounded monthly. Mortgage amount Amortization period Interest rate a. $185 000 6.25% b. $220 000 5.75% 25 years 30 years 2. Determine the total interest paid for each of questions in question 1. 3. Ashlee purchased a house for $875 000. She made a down payment of 15% of the purchase price and took out a mortgage for the rest. The mortgage has an interest rate of 6.95% compounded monthly, and amortization period of 20 years, and a 5 year term. Calculate Ashley's monthly payment. fo