Online HW or Online you purchase a home by securing a mortgage, the total paid...
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Online HW or Online you purchase a home by securing a mortgage, the total paid toward the principal is your equity in the home. The isyour equity in the home. The accompanying table shows the equity E, in dollars, accrued after t years of payments on a mortgage of $261,100 at an APR of 6% and a term of 30 years. t Years E-Equity in dollans 10-1 42.5 75,591 120,097 25 (a) Explain the meaning of E(25) and give its value. The This anewer has not been graded (b) Make a new table showing the average yearly rate of change in equity over each S-year period. (Round your answers to the nearest dollac) 25 cto 30 Syear interval Average rate of change to 5 to 10 (c) Judging on the basis of your answer to part (b), does your equity accrue more rapidly early or late in the ife of a mortgege? early nearest ) (d) Use the average rate of change to estimate the equity accrued after 27 years. (Round your answer to the t rate of change to estimate any function values beyond the imits of this table No
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