Question
Lewis Biogen issues a $240,000, 7%, mortgage note on January 1, 2020. Terms provide for annual installment payments of $39,265, exclusive of taxes and insurance.
Lewis Biogen issues a $240,000, 7%, mortgage note on January 1, 2020. Terms provide for annual installment payments of $39,265, exclusive of taxes and insurance. What is the duration of the mortgage?
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Bank Management Text And Cases
Authors: George H. Hempel, Alan B. Coleman, Donald G. Simonson
3rd Edition
0471621781, 978-0471621782
