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Mackenzie Roth has a 30 year, 5% mortgage on his home. The current monthly payment for the mortgage is 966.28. The current balance is $170,000. He can now afford a $1,500 monthly payment. How long would it take him to pay off his mortgage by making a $1,500 monthly payment?
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Derrick Lee just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 6%, compounded annually. (Hint: Use tables in text.)
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