How much interest will refinancing save

Reference no: EM132032290

Question: A person purchased a $161, 665 home 10 years ago by paying 10% down and signing a 30-year mortgage at 9.9% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a now 30-year mortgage at 51% compounded monthly. How much interest will refinancing save? Money Saved: % (Round to the nearest cont as needed.)

Reference no: EM132032290

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