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How much interest will refinancing save

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Reference no: EM13689845

10.) A person purchased a $120,000 home 10 years ago by paying 20% down and signing a 30-year mortgage at 10.2 compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 7.5% compounded monthly. How much interest will refinancing save?

Reference no: EM13689845

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