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Consider a 3 0 - year, $ 1 4 5 , 0 0 0 mortgage with a rate of 6 . 1 5 percent. Twelve

Consider a 30-year, $145,000 mortgage with a rate of 6.15 percent. Twelve 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? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
Savings
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