I have a math problem that needs to be solved, if you can give me the correct answer you WILL be guaranteed 5 stars. In fact, you do not even need to show work, just please help! Here is the problem:
A person purchased a ​$140,566 home 10 years ago by paying 20 percent down and signing a​ 30-year mortgage at 8.78 percent compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 4.8 percent compounded monthly. How much interest will refinancing​ save?
Money Saved? (Round to the nearest cent as​ needed.)
Read more: VERY CHALLENGING MATH PROBLEM, GUARANTEED 5 STARS!
