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The mortgage on your house is five years old. It required monthly payments of $1000, had an original term of 30 years, and had an

The mortgage on your house is five years old. It required monthly payments of $1000, had an original term of 30 years, and had an interest rate of 7.5% (APR).

You have decided to refinance. The new mortgage has an interest rate of 3.5% (APR).

Suppose you are willing to continue making monthly payments of $1000 . How many months will it take you to pay off the mortgage after refinancing?

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