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Consider a 25 -year, $320,000 mortgage with a rate of 6.95 percent. Three years into the mortgage, rates have fallen to 5.65 percent. What would

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Consider a 25 -year, $320,000 mortgage with a rate of 6.95 percent. Three years into the mortgage, rates have fallen to 5.65 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

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