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.)
Added (1). i'm so sorry it's 8.7 not 8.78.
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