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How much interest will refinancing save

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A person purchased a $145,761 home 10 years ago by paying 15% down and signing a 30-year mortgage at 12.3% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 6.9% compounded monthly. How much interest will refinancing save?

Reference no: EM131373390

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