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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