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a) total savings b) how much interest will they pay over the life of the new loan 10.5.62 The Smiths are refinancing their home mortgage

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a) total savings b) how much interest will they pay over the life of the new loan

10.5.62 The Smiths are refinancing their home mortgage to a 15-year loan at 8.4% annual interest compounded monthly. Their outstanding balance on the loan is $117,000 (a) Under their current loan, the Smiths' monthly mortgage payment is $1348. How much will the Smiths be saving in their monthly mortgage payments by refinancing? (b) How much interest will the Smiths pay over the life of the new loan

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