Bob Holowachuk, a friend of yours, recently purchased a home for $300,000. He paid $30,000 as a cash down payment and financed the remainder with a 20-year, 6% mortgage, payable in blended payments of $1,934 per month. At the end of the first month, Bob received a statement from the bank indicating that only $584 of the principal was paid during the month. At this rate, he calculated that it will take over 38 years to pay off the mortgage. Do you agree? Explain.