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QUESTION 22 Ann got a 30-year fully amortizing FRM for $100.000 at an annual interest rate of 7% compounded monthly, with monthly payments After five

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QUESTION 22 Ann got a 30-year fully amortizing FRM for $100.000 at an annual interest rate of 7% compounded monthly, with monthly payments After five years of payments, Ann can refinance the balance into a 25-year fully amortizing FRM at an annual interest rate of 6% compounded monthly, with monthly payments If Ann refinances into this 25-year loan, what will be her monthly savings on her mortgage payment? (Show your answer rounded to two decimal places)

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