Question: Our long - term debt represents a 3 0 - year loan taken out in 2 0 0 3 at 7 percent interest with options

Our long-term debt represents a 30-year loan taken out in 2003 at 7 percent interest with options to refinance every 10 years. If we refinance for the remaining 10 years at 5 percent, how much interest expense will we save over the remainder of the loan? 650,000 for loan amount

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