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Consider a 20-year, $120,000 mortgage with a rate of .0560 percent. Nine years into the mortgage, rates have fallen to 5 percent. What would be

Consider a 20-year, $120,000 mortgage with a rate of .0560 percent. Nine 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 for the same maturity date?

Savings _?

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