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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 25-year, $345,000 mortgage with a rate of 7.20 percent. Eight years into the mortgage, rates have fallen to 5.9 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 2 decimal places.
Savings
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