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A person purchased a $223,986 home 10 years ago by paying 15% down and signing a 30-year mortgage at 8.7% compounded monthly. Interest rates have

A person purchased a $223,986 home 10 years ago by paying 15% down and signing a 30-year mortgage at 8.7% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 4.5% compounded monthly. How much interest will refinancing save?

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