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Two years ago, you got a 10 -year, $100,000 interest-only loan with the rate of 7.50%. At the end of the 2 nd year the

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Two years ago, you got a 10 -year, $100,000 interest-only loan with the rate of 7.50%. At the end of the 2 nd year the market interest rate drops to 5.70%. You are considering to refinance. Ignore costs, what is the present value of the refinancing saving

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