Business
Business, 19.03.2021 02:00, gshreya2005

g Five years ago, you took out a 5/1 adjustable-rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $450,000 with 360 payments at 5% APR, compounded monthly. If the interest rate falls by 1%, from 5% to 4% APR, compounded monthly, by approximately how much will this reduce the monthly mortgage repayments

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