Question: A person purchased a $ 1 5 9 , 0 6 5 home 1 0 years ago by paying 1 0 % down and signing

A person purchased a $159,065 home 10 years ago by paying 10% down and signing a30-year mortgage at 9% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 5.4% compounded monthly. How much interest will refinancing save?

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