The same monthly payments and reduce the number of months, Financial Management

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The same monthly payments and reduce the number of months

Suppose two years ago a borrower borrowed a FRM loan at 12% interest rate with monthly payments for an initial balance of $100,000 with 20 years term. Further suppose that the current interest rate available in the market is 6%. The borrower could refinance the loan at 6% interest but keep the same monthly payments and reduce the number of months needed to amortize the debt What will be the new months needed to amortize the debt?

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