How much interest will refinancing save

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Reference no: EM131049744

A person purchased a $233,655 home 10 years ago by paying 15% down payment and signing a 30-year mortgage at 10.8% compound monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 6% compound monthly. How much interest will refinancing save?

Round to the nearest cent as needed

Reference no: EM131049744

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