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How much interest will refinancing save

Problem:

A person purchased a $187,038 home ten years ago by paying 10% down and signing a 30-year mortgage at 11.1% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 30-year mortgage at 6.6% compounded monthly. How much interest will refinancing save?

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Finance Basics: How much interest will refinancing save

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