Tom Burke buys a home in Virginia for $125,000. He puts down 40% and obtains a mortgage for 30 years at 11%. If Tom could have obtained a 1% reduction from 11% to 10% in the mortgage rate, by how much would his monthly payment be reduced?

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The Answer of Tom Burke buys a home in Virginia for $125,000. He puts down 40% and obtains a mortgage for 30 years at 11%. If Tom could have obtained a 1% reduction from 11% to 10% in the mortgage rate, by how much would his monthly payment be reduced?

Tom Burke Buys a Home in Virginia for $125,000