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you have purchased a condo and are financing a mortgage of $200,000 over 20-years with monthly payments. Your mortgage rate is quoted as APR 7.25%
you have purchased a condo and are financing a mortgage of $200,000 over 20-years with monthly payments. Your mortgage rate is quoted as APR 7.25% compounded semi annually. After 5 years you make a lump sum payment of $50,000 towards your mortgage principal and continue with your regular payments. By approx how many years will it reduce the amount of time take to pay off the mortgage?
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