Question: please answer within the format by providing formula the detailed working Please provide answer in text (Without image) Please provide answer in text (Without image)

please answer within the format by providing formula the detailed working Please provide answer in text (Without image) Please provide answer in text (Without image) Please provide answer in text (Without image)

please answer within the format by providing
A person purchased a $149,464 home 10 years ago by paying 20% down and signing a 30-year mortgage at 8.7% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 5.7% compounded monthly. How much interest will refinancing save? Money Saved: $ (Round to the nearest cent as needed.)

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