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Consider a 2 5 - year, $ 3 4 5 , 0 0 0 mortgage with a rate of 7 . 2 0 percent. Eight
Consider a year, $ mortgage with a rate of percent. Eight 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?
Note: Do not round intermediate calculations. Round your answer to decimal places.
Savings
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