Consider a 20-year 115000 mortgage with a rate of 0555, Financial Management

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Consider a 20-year 115000 mortgage with a rate of 0555

Consider a 20-year, $115,000 mortgage with a rate of .0555 percent. Eight 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 for the same maturity date?

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Financial Management: Consider a 20-year 115000 mortgage with a rate of 0555

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