Question: Consider a 2 0 - year, $ 1 2 0 , 0 0 0 mortgage with a rate of 5 . 6 0 percent. Nine

Consider a 20-year, $120,000 mortgage with a rate of 5.60 percent. Nine years into the mortgage, rates have fallen to 5 percent. What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate?
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

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