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A person purchased a $226,358 home 10 years ago by paying 10% down and signing a30-year mortgage at 9% compounded monthly. Interest rates have dropped
A person purchased a $226,358 home 10 years ago by paying 10% down and signing a30-year mortgage at 9% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 6.6% compounded monthly. How much interest will refinancingsave?
MoneySaved: $
nothing
(Round to the nearest cent asneeded.)
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