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OpenStudy (anonymous):
PLEASE PLEASE PLESE!!!! Could someone help me work a home loan problem? I WILL GIVE MEDALS!!! PLEASE this question has been posted for 7 hours..... A person purchased a $130,550 home 10 years ago by paying 10% down and signing a 30 yr mortgage at 9.3% compounded monthly. Interest rates have dropped an the owner wants to refinance the unpaid balance by signing a new 30 yr mortgage at 5.4% compounded monthly. How much interest will refinancing save?
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