A person purchased a $ 2 1 6 , 7 1 7 home 1 0 years ago
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Question:
A person purchased a $ home years ago by paying down and signing a year mortgage at compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new year mortgage at compounded monthly. How much interest will refinancing save?
Money Saved: $ Round to the nearest cent as needed.
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