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Posted on Jul 31, 2024

You borrow 2 5 0 , 0 0 0 $ to buy a house. The mortgage rate is 8 . 5 % , it requires

You borrow

250, 000

$ to buy a house. The mortgage rate is

8.5 %,

it requires a

5 %

down payment. The loan period is

20

years. Payments are made Monthly. If you pay

3000

$ per month in how many years will you finish paying off the loan?

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