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Principal balance of loan

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1. Suppose you take a $240,000 thirty-year fixed-rate mortgage at 5%, two discount points, monthly payments. At the end of the first year you inherit $20,000 from your now-favorite aunt. You decide to apply this $20,000 to the principal balance of your loan.

A. How many monthly payments are remaining after the extra lump sum payment is made?

Reference no: EM131865836

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