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In order to buy a vacation home, Neal and Lilly took out a 10-year mortgage for $150,000 at an annual interest rate of 8%.
In order to buy a vacation home, Neal and Lilly took out a 10-year mortgage for $150,000 at an annual interest rate of 8%. After 7 years, they refinanced the unpaid balance of $58,123 at an annual rate of 5%. Use the table to find the monthly payments on the original loan; the monthly payments on the new loan; and the total amount saved on interest by refinancing Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments on the original loan are $ (Type an integer or a decimal.)
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