Multiple Choice
Five years ago you took out a 30-year mortgage with an APR of 6.20% for $206,000. If you were to refinance the mortgage today for 20 years at an APR of 3.95%, how much would you save in total interest expense?
A) $200,503
B) $150,377
C) $50,126
D) $100,251
Correct Answer:
Verified
Correct Answer:
Verified
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