Question a person purchased a 231 866 homo 10 years ago by, Ask an Expert

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Question: A person purchased a $231, 866 homo 10 years ago by paying 10% down and signing a 30-year mortgage at 99% compounded monthly Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a now 15-year mortgage at 63% compounded monthly. How much interest will refinancing save? Money Saved: (Round to the nearest cent as needed)

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