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How much interest will refinance? save

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Reference no: EM132812034

A person purchased a ?$225,947 home 10 years ago by paying 10?% down and signing a? 30-year mortgage at ?%10.5 compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new ?20-year mortgage at 6.9% compounded monthly. How much interest will refinance? save? (round to the nearest cent as needed)

Reference no: EM132812034

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