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OpenStudy (anonymous):
QUESTION 8 OF 10 A person purchased a $208,243 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 30-year mortgage at 6% compounded monthly. How much interest will refinancing save? Round to the nearest cent as needed.
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