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How much less can they expect to pay over the life of loan

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Question: FINANCING A HOME The Sandersons are planning to refinance their home. The outstanding principal on their original loan is $100,000 and was to be amortized in 240 equal monthly installments at an interest rate of 10%/year compounded monthly. The new loan they expect to secure is to be amortized over the same period at an interest rate of 7.8%/year compounded monthly. How much less can they expect to pay over the life of the loan in interest payments by refinancing the loan at this time?

Reference no: EM131556704

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