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A person purchased a $222,342 home 10 years ago by paying 15% down and signing a...

A person purchased a $222,342 home 10 years ago by paying 15% down and signing a 30-year mortgage at 10.8% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 5.4% compounded monthly. How much interest will refinancing save?

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