Question: You borrow a fixed rate 30 year loan. Initial loan amount is $100,000. Interest rate is 6% APR compounded monthly. So your monthly payment is

You borrow a fixed rate 30 year loan. Initial loan amount is $100,000. Interest rate is 6% APR compounded monthly. So your monthly payment is $599.55. Now your boss tells you that you have just received a big raise. So you are planning to pay $1000 per month. How soon you may pay off the loan? (interest rate will be the same) Please round your answer to a whole month

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