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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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