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Exactly six years ago, Cathy bought her dream home using a 30-year mortgage with an APR of 6.5% on a $230,000 loan. She has been

Exactly six years ago, Cathy bought her dream home using a 30-year mortgage with an APR of 6.5% on a $230,000 loan. She has been making her monthly payments. Today, she came to know that her bank is offering a special mortgage refinance offer at an APR of 4.25% on 20-year mortgages.

How much will Cathys monthly payment change, if she decides to refinance today?

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