Suppose home owners owe $6 trillion in mortgage
Question # 00436809
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Updated on: 12/05/2016 08:30 AM Due on: 12/05/2016
Suppose home owners owe $6 trillion in mortgage loans.
Instructions: Enter your response as a whole number.
(a) If the mortgage interest rate is 5 percent, approximately how much are home owners paying in annual mortgage interest?
$ billion
(b) If the interest rate drops to 4 percent, by how much will annual interest payments decline?
Instructions: Enter your response as a positive whole number (do not include a negative (-) sign).
$ billion
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Rating:
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Solution: Suppose home owners owe $6 trillion in mortgage