Question 16 1 pts Five years ago, Diane secured a bank loan of $280,000 to...
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Question 16 1 pts Five years ago, Diane secured a bank loan of $280,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 35 yr, and the interest rate was 12%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 35-yr home mortgage has now dropped to 10%/year compounded monthly, Diane is thinking of refinancing her property. How much less would Diane's monthly mortgage payment be if she refinances? Please round the answer to the nearest cent. $467.03 $465.98 $483.45 $473.01 $445.16
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