A person purchased a $200,000 home 20 years ago by paying 20% down and signing a 30-year

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A person purchased a $200,000 home 20 years ago by paying 20% down and signing a 30-year mortgage at 13.2% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 10-year mortgage at 8.2% compounded monthly. How much interest will refinancing save?
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College Mathematics for Business Economics Life Sciences and Social Sciences

ISBN: 978-0321614001

12th edition

Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen

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