Question
A person purchased a $230,035 home 10 years ago by paying 10% down and signing a 30-year mortgage at 8.1% compounded monthly. Interest rates have
A person purchased a $230,035 home 10 years ago by paying 10% down and signing a 30-year mortgage at 8.1% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 6.3 % compounded monthly. How much interest will refinancing save?
Money Saved:$
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Investment Analysis And Portfolio Management
Authors: Frank K. Reilly, Peggy L. Hedges, Philip Chang, Keith C. Brown, Hedges Reilly Brown
1st Canadian Edition
0176500693, 978-0176500696
