Assume a 25-year 490000 mortgage with a rate of 72 percent, Ask an Expert

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Assume a 25-year, $490,000 mortgage with a rate of 7.2 percent. 9 years into the mortgage, rates have fallen to 6.2 percent. What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

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