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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 $519626.

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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 $519626. The new rate available to him is 3.5%. How much would Pau save on his monthly payments if he decides to refinance? State your answer as a positive number rounded to two decimal points (e.g. if the answer is $2345.123, write 2345.12)

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