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There is not enough information in your question to provide an answer. Depending on what you are borrowing the money for, the lender will offer varying terms. For example, an automobile loan is typically 60 months, but some lenders offer 72 months. Home mortgages are usually 180 months or 360 months.

To refinance your home, you should speak to a loan officer who can help you determine the best strategy to get you what you need with the terms you need.

Your question should have been, How much will my monthly payment be if I borrow 55000 at 7 percent, for "X" months. Then of course there in the amortization table to consider. These questions can all be answered by a loan officer at your local bank or savings and loan.

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16y ago
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Q: How many monthly payments would it take to pay off 55000 at seven percent interest?
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