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You are the current owner of a house which you bought yesterday for 500k while having 100k of your own equity to put down.
You are the current owner of a house which you bought yesterday for 500k while having 100k of your own equity to put down. You have a 25 years mortgage payable monthly and which costs you $2024 a month. What is the duration of your mortgage?
A: 0.3
B: 3.6
C: 11.19
D: 28.79