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Consider a 2 0 - year, $ 1 8 5 , 0 0 0 mortgage with a rate of 5 . 4 5 percent. Six
Consider a year, $ mortgage with a rate of percent. Six years into the mortgage, rates have fallen to 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 decimal places.
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