Five years ago, you took out a 5/1 adjustable-rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $650,000 with 360 payments at 6% APR, compounded monthly. If the interest rate falls by 1%, from 6% to 5% APR, compounded monthly, by approximately how much will this reduce the monthly mortgage repayments?

Group of answer choices

$460.62

$557.48

$207.14

$361.17