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 $550,000 with 180 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? $460.62 $361.17 $557.48 $207.14