How many years will it take to payoff the loan

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Reference no: EM131190020

To purchase your home, you borrow $437,000 on a 30 year mortgage priced at 8.6%. As with most home mortgages, the loan requires monthly payments. You decide to pay an extra $310 each month. If you pay the extra amount each and every month, how many years will it take to payoff the loan? (Answer in years, rounded to 2 decimals)

Reference no: EM131190020

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