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You have just negotiated a 5 year mortgage on $100,000 amortized over 25 years at a rate of 5%. After 5 years of payments, assume
You have just negotiated a 5 year mortgage on $100,000 amortized over 25 years at a rate of 5%. After 5 years of payments, assume that the mortgage rate remains the same, but you change your monthly payment to $1500.
If you change your payment, how many more periods will it take you to pay off the remaining loan balance?
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