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7. A home loan for $450,000 was financed for 30 years at 5.5%(12). No points were charged for the loan. After five years, the loan

7. A home loan for $450,000 was financed for 30 years at 5.5%(12). No points were charged for the loan. After five years, the loan was refinanced at 3%, keeping the same total term. Calculate the total savings because of the refinancing

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