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Consider a 30-year, $160,000 mortgage with a rate of 6 percent. Five years into the mortgage rates have fallen to 5 percent. What would be

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Consider a 30-year, $160,000 mortgage with a rate of 6 percent. Five 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? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Savings

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