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A California Homeowner with a 30-Year Fixed Rate Mortgage Pays

Question 72

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A California homeowner with a 30-year fixed rate mortgage pays $170,000 after 5 years and $266,000 after 9 years.Use a graphing calculator to graph the resulting equation and determine how much the homeowner will have paid when the mortgage is paid off in 30 years.

Correct Answer:

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y = 24,000...

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