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You take a fixed-rate mortgage for $130,000 at 4% for 30 years, mostly payments. At the end of the fifth year, you unexpectedly inherit $20,000
You take a fixed-rate mortgage for $130,000 at 4% for 30 years, mostly payments. At the end of the fifth year, you unexpectedly inherit $20,000 from you know-favorite uncle. You decided to apply this $20,000 to the principal balance of your loan. How many payments are remaining after the extra lump sum payment is made?
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