A couple buys a house and assumes a $200 000 mortgage to be amortized over...
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A couple buys a house and assumes a $200 000 mortgage to be amortized over 25 years.The interest rate is guaranteed at j2 = 8.65%. The mortgage allows the couple to makeextra payments against the outstanding principal each month. By saving carefully the couple manages to pay off an extra $180 each month.Because of these extra payments, how long will it take to pay off the mortgage? what will be the size of the final smaller monthly payment?
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