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You are taking out a mortgage on a single-family home currently valued at $500,000. Based on your credit score, your interest rate is 6%. You
You are taking out a mortgage on a single-family home currently valued at $500,000. Based on your credit score, your interest rate is 6%. You have saved up $50,000 for down payment. If you can make a monthly payment of $4,500, how many monthly payments (rounded up) will you have to make to finally pay it all off? (Ignore taxes and associated fees, for simplicity).
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