Question
A person purchased a $223,547 home 10 years ago by paying 15% down and signing a 30-year home mortgage at 10.5% compounded monthly. Interest rates
A person purchased a $223,547 home 10 years ago by paying 15% down and signing a 30-year home mortgage at 10.5% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 5.4% compounded monthly. How much interest will refinancing save?
Money saved? ____ (round to the nearest cent)
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Applications In Energy Finance
Authors: Christos Floros, Ioannis Chatziantoniou
1st Edition
3030929566, 978-3030929565
