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How much interest will refinancing? save

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Reference no: EM133011272

Problem 1: A person purchased a ?$173,025 home 10 years ago by paying ?15% down and signing a? 30-year mortgage at ?9.6% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new ?20-year mortgage at 5.1% compounded monthly. How much interest will refinancing? save?

Reference no: EM133011272

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