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A person purchased a $130 314 home 10 years ago by paying 15% down and signing...

A person purchased a $130 314 home 10 years ago by paying 15% down and signing a 30-year home mortgage at 8.7% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20-year mortgage at 6.6% compounded monthly. How much interest will refinancing save? Money Saved: $_____ (Round to the nearest cent as needed.)

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

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