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NEED UNDERSTANDING! Lewis Biogen issues a $240,000, 7%, mortgage note on...

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Accounting

NEED UNDERSTANDING!

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?

7 years

9 years

8 years

10 years

Answer & Explanation Solved by verified expert
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