Derek purchased a home for $225,000.00 with a down payment of $30,000.00 at 8.75% for 25 years. Since then the rate has fallen to 5.25%. How much less would his monthly payment be if he purchased the house with the mortgage at 5.25%?
a. $443.85
b. $434.58
c. $423.58
d. $434.85
e. $419.85
