Question: Ann got a 15-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years of

Ann got a 15-year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 7% compounded monthly, with monthly payments. After 5 years of
payments, Ann can refinance the balance into a 10 year Fully Amortizing FRM at an annual interest rate of 5.25% compounded monthly, with monthly
payments. If Ann refinances into this 10 year loan, what will be her monthly savings on her mortgage payment?

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