Question: Consider a 2 0 - year, $ 3 0 0 , 0 0 0 mortgage with a rate of 6 . 7 5 percent. Seven

Consider a 20-year, $300,000 mortgage with a rate of 6.75 percent. Seven years into the mortgage, rates have fallen to 5.45 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.
Savings
Consider a 20-year, $300,000 mortgage with a rate of 6.75 percent.

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