How much interest will refinance, Financial Management

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How much interest will refinance

A person purchased a $231,840 home 10 years ago by paying 15% down and signing a 30-year mortgage at 11.1% compound monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 30-year mortgage at 6.3% compound monthly. How much interest will refinance save?

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Financial Management: How much interest will refinance

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