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Pau is considering refinancing his mortgage. He has 240 months left on his current loan at 5% interest and his current principal balance is $89224.

Pau is considering refinancing his mortgage. He has 240 months left on his current loan at 5% interest and his current principal balance is $89224. The new rate available to him is 2.5% for a 240 month mortgage. How much would Pau save on his monthly payments if he decides to refinance?

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