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Homework: 3.4 Present Value of Annuity HW Score: 81.25%, 13 of 16 points Question 15, 3.4.61-BE > O Points: 0 of 1 Save A

Homework: 3.4 Present Value of Annuity HW Score: 81.25%, 13 of 16 points Question 15, 3.4.61-BE > O Points: 0 of 1 Save A person purchased a $148,988 home 10 years ago by paying 10% down and signing a 30-year mortgage at 10.5% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 6.3% compounded monthly. How much interest will refinancing save? Money Saved: $ (Round to the nearest cent as needed.)

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