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Twelve years ago, Glenn and Hypatia signed a 3 0 - year mortgage for $ 2 2 0 , 0 0 0 at 7 .

Twelve years ago, Glenn and Hypatia signed a 30-year mortgage for $220,000 at7.8% compounded monthly.(a) How much interest have they paid so far?(b) How much equity do they have in the house, if the current net market valueof the house is estimated at $280,000?

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