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Determining the annual savings

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Refinancing. Doug and Lynn bought their home three years ago. They have a mortgage payment of $601.69. Interest rates have recently fallen, and they can lower their mortgage payments to $491.31 if they refinance. What would their annual savings be if they refinance? They are in a 15% marginal tax rate bracket. (Hint: Consider the reduction in tax savings.)

Reference no: EM133073379

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