What is the reduction in monthly payments, Microeconomics

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What is the reduction in monthly payments

Problem

A house was bought for $200,000 using a 20 year mortgage at 12% interest rate. After the 120th payment it was refinanced with 6% interest rate mortgage for 10 years. What is the reduction in monthly payments?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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