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Find how many years from today johnson company pay off

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Question 1. Johnson Company just acquire a building for $200,000 through financing from Bank of America at a 5% annual interest rate, with 20 years to maturity of the loan. What would be Johnson Company's monthly mortgage payment? (Round your answer to the nearest whole dollar.)

Question 2. If Johnson Company decides to make an extra $,2400 toward the borrowed principal each year, while all remains constant, how many years from today can Johnson Company pay off the mortgage?

Reference no: EM132518127

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