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A person purchased a $187,494 home 10 years ago by paying 10% down and signing a 30-year mortgage at 11.1% compounded monthly. Interest rates have

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A person purchased a $187,494 home 10 years ago by paying 10% down and signing a 30-year mortgage at 11.1% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 6.9% compounded monthly. How much interest will refinancing save? Money Saved: $ (Round to the nearest cent as needed.)

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