Real Estate Math
A North Dakota homeowner refinances a $240,000 balance at 3.5% from their current 5.5% rate (30-year term). Monthly payment factors: 5.5% = $5.68/1,000; 3.5% = $4.49/1,000. How much does the monthly payment decrease?
A$265.60
B$285.60✓ Correct
C$286.00
D$290.40
Explanation
Old payment = ($240,000/1,000) × $5.68 = 240 × $5.
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