Question: How much money would a couple save each month if they refinanced a $200,000, 15-year loan from a rate of 6% to a rate of

How much money would a couple save each month if they refinanced a $200,000, 15-year loan from a rate of 6% to a rate of 4.5%.

Hint: You will need to calculate the monthly payment for the 6% loan and then subtract the monthly payment for the 4.5% loan.

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