Consider a 15-year mortgage at an interest rate of 8% compounded monthly. The amount to be mortgaged is $130,000. After the firs
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From the 2nd equation we get :
Then we plug in the first equation :
so :
we find this equation :
By factorization we get :
thus :
And we can get the values of x
Then we plug in the first equation :
so :
we find this equation :
By factorization we get :
thus :
And we can get the values of x