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Suppose you are buying your first home, a condominium, for $300,000. The down payment is $15,000 and you have arranged for a 30-year amortized mortgage at a 6.5% nominal rate of interest with the first payment due in one-month. If you pay an additional $500 per month in addition to the monthly payment, how soon will the mortgage be paid-off?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92270901

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