1-ONB01 > Discussions>Unit 3 DQ1: Mortgages Payable This is a graded discussion: 15 points possible due Apr 15 Unit 3 DQ1: Mortgages Payable 13 Your friend has just purchased a house and has incurred a $150,000, 4.5% mortgage payable at $760.03 per month. After making the first monthly payment, he receives a statement from the bank indicating only $197.53 had been applied to reducing the principal amount of the loan. Your friend then calculates that at the rate of $197.53 per month, it will take 63 years to pay off the $150,000 mortgage. Discuss and explain whether your friend's analysis is correct or not. (15 Points) Subscribe