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A house was bought for 200000 using a 20 year mortgage at

Question: 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?

a. $356

b. $412

c. $498

d. $505

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Microeconomics: A house was bought for 200000 using a 20 year mortgage at

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Microeconomics: A house was bought for 200000 using a 20 year mortgage at

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