How soon will the mortgage be paid-off

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Reference no: EM132004381

Suppose you are buying your first home, a condominium, for $300,000. The down payment is $15,000 and you have arranged for a 30-year amortized mortgage at a 6.5% nominal rate of interest with the first payment due in one-month.

If you pay an additional $500 per month in addition to the monthly payment, how soon will the mortgage be paid-off?

Reference no: EM132004381

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