Question
A person purchased a $182,726 home 10 years ago by paying 20% down and signing a 30-year mortgage at 11.7% compounded monthly. Interest rates have
A person purchased a $182,726 home 10 years ago by paying 20% down and signing a 30-year mortgage at 11.7% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 5.1%compounded monthly. How much interest will refinancing save?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes
10th Edition
0073530697, 9780073530697
