Consider a situation where homebuyers find the home of their dreams priced at $330,000. They have saved a 20% down payment and are prequalified for a 20-year, $264,000 fixed-rate mortgage at 3.5%. Recalling that mortgage interest is income tax deductible, find the additional net monthly savings resulting from fixed at 3.5% to an ARM with an initial rate of 3.25%. Click the icon to view the Real Estate Amortization Table. The net monthly savings is $ (Round to the nearest dollar as needed.)