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your loan balance is $350,000, the mortgage rate is 7% and there are 190 payments remaining. Suppose rate drops, you can refinance your loan for

your loan balance is $350,000, the mortgage rate is 7% and there are 190 payments remaining. Suppose rate drops, you can refinance your loan for free, taking out the same loan amount. After you refinance, your monthly payment is lowered by $125. What is your refinancing interest rate (mortgage rate on your new loan)? Enter percent, round to 2 decimal places?

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