Question a person purchased a 161 665 home 10 years ago by, Ask an Expert

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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.)

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Category:- Basic Finance
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