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Dennis Lynn can refinance a mortgage by paying $716 in closing costs and $485 for a prepayment charge. His current monthly mortgage payment is $982. The monthly payment for the refinanced mortgage will be $876. If he refinances the mortgage, how much will he save in the first year?

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Dennis Lynn can refinance a mortgage by paying $716 in closing costs and $485 for a prepayment charge. His current monthly mortgage payment is $982. The monthly payment for the refinanced mortgage will be $876. If he refinances the mortgage, how much will he save in the first year?






 
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