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You have been making monthly payments towards your 25-year mortgage loan of $234,883.16. Your mortgage rate is 7%. Today, the 8th monthly payment is due.

You have been making monthly payments towards your 25-year mortgage loan of $234,883.16. Your mortgage rate is 7%. Today, the 8th monthly payment is due. If you make an extra one time payment of $16,000 together with your 8th monthly payment. 



How many more monthly payments do you need to make to pay off your loan?

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