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Determine the number of months necessary

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Question - Consider a $180,000, 30-year-fixed-rate mortgage with a nominal interest rate of 6% compounded monthly. Suppose that after paying the first 12 monthly payments, the borrower decides that the borrower cannot pay the current monthly payments and compromises with the bank for a monthly payment of $900 with the same nominal interest rate of 6%. Determine the number of months necessary to pay off the mortgage.

Reference no: EM132992101

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