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Suppose a borrower takes a 30 year FRM in the amount of $300,000 at a rate of 5.0%.After 2 years the market rate of interest

Suppose a borrower takes a 30 year FRM in the amount of $300,000 at a rate of 5.0%.After 2 years the market rate of interest falls to 3.50%.If the borrower refinances the then-current loan balance for 28 years at 3.50%, by how much will the monthly payments change?

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