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Determining the refinance mortgage

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Reference no: EM131106594

You bought a house a year ago for $250,000, borrowing $200,000 at 10% on a 30-year term loan (with monthly payments). Interest rates have since come down to 9%. You can refinance your mortgage at this rate. How much would your monthly savings be if you could refinance your mortgage at 9%?

Reference no: EM131106594

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