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Consider a 15-year, $125,000 mortgage with a rate of 5.65 percent. Two years into the mortgage, rates have fallen to 5 percent. What would be
Consider a 15-year, $125,000 mortgage with a rate of 5.65 percent. Two years into the mortgage, rates have fallen to 5 percent. What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Savings
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