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Exactly 3 years ago, a 10-year fully amortizing commercial loan was made for $970,000 at 8.4% interest, with payments made end of every month. Today
Exactly 3 years ago, a 10-year fully amortizing commercial loan was made for $970,000 at 8.4% interest, with payments made end of every month. Today the borrower paid $150,000 towards the principal.
Assume that the bank does not agree for reduced payments, what is the new maturity? i.e., in how many months does the loan mature?
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