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You have just taken out a $300,000, 30 year mortgage (monthly payments and compounding) at an annual 8 percent rate. Scheduled monthly payments are...

You have just taken out a $300,000, 30 year mortgage (monthly payments and compounding) at an annual 8 percent rate. Scheduled monthly payments are $2,201.29. You decide to pay an additional $100 each month towards the mortgage (you make the scheduled payment plus an extra $100 each month). How many payments must you make before the mortgage is paid off? (round up to the next whole payment)

This question was asked on Mar 27, 2010.

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