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How long will take to pay the house off

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Question 1: Suppose that you want to buy a house. You could afford $7500.35 a month for the mortgage. The house is worth 2.2 million dollars. Assuming you make your mortgage payments at the end of each month. And you will make a 20% down payment and get a 3.5% APR on your mortgage, how long will it take to pay the house off (rounded to the nearest year)?

Option a) 623 years

Option b) 55 years.

Option c) 33 years.

Option d) infinity

Reference no: EM132487540

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