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A house was purchased 5 years ago with a $250,000, 9%, 30-year loan. Thinking of refinancing, the borrower finds the current interest rate on 25-year loan is 7.5%. What is the total savings (PV of all payment reductions) from the refinance if he plans to sell the house 5 years from now?
11,834.58 13,325.46 14,526.84 15,117.12
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