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7.) The Wilson family purchased a home 12 years ago for $280,000. They paid $40,000 down and financed the rest with a 20-year mortgage at

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7.) The Wilson family purchased a home 12 years ago for $280,000. They paid $40,000 down and financed the rest with a 20-year mortgage at a rate of 4.08% compounded monthly. a) What is their monthly payment on their mortgage, b) What do they still owe on their mortgage, and c) If the value of the home is now $400,000, what is their current equity in the home

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