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Three years ago you took out a 20-year mortgage with an APR of 6% compounded monthly for $1,000,000.The payments are made monthly.If you were to

Three years ago you took out a 20-year mortgage with an APR of 6% compounded monthly for $1,000,000.The payments are made monthly.If you were to refinance the mortgage today for 12 years at an APR of 4.50% compounded monthly, how much would your monthly payment change by?

A. The monthly payment will decrease by $1,070

B. The monthly payment will decrease by $1,836

C. The monthly payment will increase by $1,070

D. The monthly payment will increase by $1,836

E.The monthly payment will increase by $2,778.

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