Question: A person purchased a $ 2 0 2 , 1 8 3 home 1 0 years ago by paying 1 5 % down and signing

A person purchased a $202,183 home 10 years ago by paying 15% down and signing a30-year mortgage at 9.6% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 4.8% compounded monthly. How much interest will refinancing save?

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