Question 28 (2 points) Jeremy purchases a piece of construction equipment worth $20000 by paying 13% down and the balance with monthly payments over 15 years at 312 14%. If he wants to refinance the loan, there is a penalty equal to one monthly payment. If after 3 years he realizes he can borrow money from the bank at j12 = 7%. How much money does he save by refinancing? $8843.90 $9148.32 $8033.62 $9454.53 $9801.68