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Do you agree with your friend analysis

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Question - A friend of yours just purchased a small tract of land and has taken out a $50,000, 11 percent mortgage, payable at $476.17 per month. After making the first monthly payment, he received a receipt from the bank stating that only $17.84 of the $476.17 has been applied to reducing the principal amount of the loan. Your friend computes that, at the rate of $17.84 per month, it will take over 233 years to pay off the $50,000 mortgage. Do you agree with your friend's analysis? Explain.

Reference no: EM132863456

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