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You apply for a mortgage loan on a $ 4 5 0 , 0 0 0 condo using 8 5 % loan - to -

You apply for a mortgage loan on a $450,000 condo using 85% loan-to-value. Going interest rates are 5.25%, but after thoroughly surfing the net, you find a lender to grant you a loan at 4.25%. and jump on it. Its a 30-year loan paid monthly. How much cash flow would you save during the first 5 years of the loan now that youve found the lower interest rate? (Round to the nearest dollar)

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