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You have taken out a mortgage to acquire a commercial property that amortizes over 30 years. The mortgage amount is $2,500,000 and the rate is

You have taken out a mortgage to acquire a commercial property that amortizes over 30 years. The mortgage amount is $2,500,000 and the rate is 5.0% annually, compounded monthly.

How many months will pass before you have a mortgage balance of $1,500,000 remaining?

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SOLUTION To solve this problem we can use the formula for the monthly payment of a mortgage M P r12 ... blur-text-image

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