Consider a 20-year, $185,000 mortgage with a rate of 6.70 percent. Six years into the mortgage, rates have fallen to 5.4 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. Answer is complete but not entirely correct. Savings $ 34.71 X

Consider a 20 -year, $185,000 mortgage with a rate of 6.70 percent. Six years into the mortgage, rates have fallen to 5.4 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. (8 Answer is complete but not entirely correct