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A mortgage company offers to lend you $150,000; the loan calls for monthly payments for 20 years with monthly interest rate of 1%. At the
A mortgage company offers to lend you $150,000; the loan calls for monthly payments for 20 years with monthly interest rate of 1%. At the end of year one you plan to prepay $15,000. Assume the same monthly mortgage payment, the life of the mortgage will be shorten from the original 20 years to
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