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In April, you purchased a home conditional on successfully obtaining financing for a $ 3 2 5 , 0 0 0 mortgage. Your bank offered

In April, you purchased a home conditional on successfully obtaining financing for a $325,000 mortgage. Your bank offered you a variable interest rate of 3.70% but you approached a mortgage broker and they were able to find you a lower interest rate of 3.25%. If the amortization period is 25 years, determine how much more you will be saving each month on your payments than had you gone with the bank.
\table[[\table[[TVM SOLVER],[(Bank Rate)]],\table[[TVM SOLVER],[(Broker Rate)]]],[N=,,N=,],[I%=,3.70,I=,3.25],[PV=,325,000,PV=,325,000],[PMT=,,PMT=,],[FV=,,FV=,],[PY=,12,PY=,12],[CY=,12,CY=,12]]
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