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TD bank offers 6 . 8 5 % compounded monthly on a mortgage. The Jones have an excellent credit rating and the negotiated a rate

TD bank offers

6.85 %

compounded monthly on a mortgage. The Jones have an excellent credit rating and the negotiated a rate of

6.2 %

compounded monthly on a mortgage of $

250000

amortized over

25

years. By how much did the Jones reduce their monthly payment by negotiating the lower rate of interest?

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