Roy Brown, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remain- der financed by a 10.5%, 20-year mortgage, payable at $998.38 per month. At the end of the first month, Roy re- ceives a statement from the bank indicating that only $123.38 of principal was paid during the month. At this rate, he calculates that it will take over 67 years to pay off the mortgage. Is he right? Discuss.