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Existing mortgage: SAmount: $100,000 SRemaining term: 14 years Slnterest rate: 12.0 percent New mortgage: Amount: $100,000 STerm: 14 years Slnterest rate: 10.0 percent Expected time

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Existing mortgage: SAmount: $100,000 SRemaining term: 14 years Slnterest rate: 12.0 percent New mortgage: Amount: $100,000 STerm: 14 years Slnterest rate: 10.0 percent Expected time to paying off new loan: 6 years Cost of refinancing: 5 percent of loan amount What is net benefit of refinancing? Multiple Cholce 4010.36 4045.36 O 3215.36 5115.21

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