A person purchased a 207038 home 10 years ago by paying 10, Ask an Expert

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A person purchased a $207,038 home 10 years ago by paying 10% down and signing a 30-year mortgage at 8.7% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 30-year mortgage at 4.% compounded monthly. How much interest will refinancing save (round to the nearest cent as needed)?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92070805

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