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Q12. A borrowerholds a FRM mortgage at the interest rate of 7% with a currentbalance of $250,000that will mature in 20 years. With the current

Q12. A borrowerholds a FRM mortgage at the interest rate of 7% with a currentbalance of $250,000that will mature in 20 years. With the current low rates, he can obtain a new 20-year FRM loan at 6.125% without any fees or points.Should he refinance?What would be the monthly savings?

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