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The net amount that will be saved by the Jones for the first year will be $814.32.
From the information given, the old mortgage yearly payment will be:
= Monthly payment × Months
= $259.32 × 12
= $3111.84
The new monthly yearly payment will be:
= Monthly payment × Months
= $327.18 × 12
= $3926.16
Therefore, the net amount that will be saved will be:
= $3926.16 - $3111.84
= $814.32
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