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Suppose that five years ago, you borrowed $260,000 to purchase your first home. Terms of the loan required monthly payments over 30 years at an

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Suppose that five years ago, you borrowed $260,000 to purchase your first home. Terms of the loan required monthly payments over 30 years at an interest rate of 6%. Since then, interest rates have decreased to 3.5%. As such, you want to refinance this loan. If you refinance this loan at the current rate for the remaining period (25 years), how much will you save per month in your monthly payment? Round to the nearest whole dollar

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