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A family took a 20 year mortgage of $195,000 at 5.75% per year compounded monthly. Immediately after the 85 monthly payment, they decided to re-

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A family took a 20 year mortgage of $195,000 at 5.75% per year compounded monthly. Immediately after the 85" monthly payment, they decided to re- finance this mortgage because they found a lower rate of 3.75% per month compounded monthly. If they continue the same amount of monthly payments as before, how long will it take to pay off this mortgage

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