How much do different Latin American spanish accents ACTUALLY differ?

Even with my untrained ears I can recognize the difference between the Spanish spoken in Spain and that in Latin America. But, all of the Latin American accents (except Puerto Rican, it sounds different) seem to sound exactly the same to me minus an occasional regional word. Is there actually a huge regional... show more Even with my untrained ears I can recognize the difference between the Spanish spoken in Spain and that in Latin America. But, all of the Latin American accents (except Puerto Rican, it sounds different) seem to sound exactly the same to me minus an occasional regional word.

Is there actually a huge regional variation between them, or would something like Mexican Spanish sound acceptable in a country like Peru or Chile?
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