Question: 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

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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PV 200000 020200000 160000 r 132 0132 i 013212 0011 n 360 Unpaid balance after 20 years is Interest ... View full answer

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