Five years ago you took out a 30-year mortgage with an APR of 6.5% for $200,000. If you were to refinance the mortgage today for 20 years at an APR of 4.25%, how much would your monthly payment change by?

A) The monthly payment will increase by $104.79.
B) The monthly payment will decrease by $104.79
C) The monthly payment will increase by $343.12.
D) The monthly payment will decrease by $343.12.


Answer: B

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