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A homeowner has a $227,000 home with a 20-year mortgage with monthly payments at 7.80% effective annual rate. After five years he receives $50,000 as
A homeowner has a $227,000 home with a 20-year mortgage with monthly payments at 7.80% effective annual rate. After five years he receives $50,000 as an inheritance. If he pays this $50,000 toward his mortgage along with his regular payment, by approximately how many years (or in months) will it reduce the amount of time it takes him/her to pay off his mortgage? Show all work!
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