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How much does this family save in question

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A family purchased a house in March 15, 2005 with a 25-year, $250,000, 6.35 % mortgage. In June 15, 2012, when the mortgage rates were substantially lower, they refinanced the balance of the loan with a 15-year, 4.0 % mortgage. How much does this family save?

Reference no: EM13876748

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