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A person purchased a $ 2 0 3 , 9 5 9 home 1 0 years ago by paying 2 0 % down and signing

A person purchased a $

203, 959

home

10

years ago by paying

20 %

down and signing a

30 -

year mortgage at

10.5 %

compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a

new

20 -

year mortgage at

5.4 %

compounded monthly. How much interest will refinancing save?

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