Question: I need quick and correct answer,I give thumbs-up. A person purchased a $160,845 home 10 years ago by paying 15% down and signing a 30-year

I need quick and correct answer,I give thumbs-up. A person purchased

I need quick and correct answer,I give thumbs-up.

A person purchased a $160,845 home 10 years ago by paying 15% down and signing a 30-year mortgage at 9.9% compounded monthly, Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 6.9% compounded monthly. How much interest will refinance save? CEE Money Saved: $(Round to the nearest cent as needed.)

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