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August 29, 2015

Homework Help: Math Refinancing Question

Posted by Maxie on Wednesday, January 22, 2014 at 12:37pm.

A person purchased a $205,107 home 10 years ago by paying 10% down and signing a 30-year mortgage at 8.1% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 4.5% compounded monthly. How much interest will refinancing save

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