Solved: Mortgage Payments The monthly payment p on a

Chapter 2, Problem 52

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Mortgage Payments The monthly payment p on a mortgage varies directly with the amount borrowed B. If the monthly payment on a 30-year mortgage is $854.00 when $130,000 is borrowed, find an equation that relates the monthly payment p to the amount borrowed B for a mortgage with the same terms. Then find the monthly payment p when the amount borrowed B is $165,000.

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