You purchase a mobile home with land for $25,000. You borrow all of the money for the purchase from a private money source at 8%. It will rent for $600 and expenses are 1/3 of the gross rent. If you apply all of the net rent to the loan, how long will it take to pay it off?
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Answer to 2010-10-25 problem:
PV= -39,634.39 (N=63, i=12, PMT= 851, FV=0)