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Answer to Question #288390 in Financial Math for mir

Question #288390

A person purchased a ​$198,741 home 10 years ago by paying 20​% down and signing a​ 30-year mortgage at 11.4​% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20​-year mortgage at 6.6% compounded monthly. How much interest will refinancing​ save?


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