document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=33295>Question 33295</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Citibank's 7% rate means April must spend $6.66 per $1000 of her mortgage each month, and TCF Bank's 6.5% rate means she will spend $6.32 per $1000 each month. Citibank also charges 3 points while TCF charges none.  April needs an $80,000 mortgage.  How long will it take for both mortgages to be equal?\r<BR>\n" );
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document.write( "Am I correct with 6.66x +3 = 6.32x + 0 =80,000 </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #19722 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=19722\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Let number of months she will pay be \"x\"<BR>\n" );
document.write( "Citi bank will get 0.03(80,000)+6.66(80)x.<BR>\n" );
document.write( "TCF will get 6.32(80)x<BR>\n" );
document.write( "Set these equal to one another and solve for \"x\":<BR>\n" );
document.write( "2400+532.8x=505x<BR>\n" );
document.write( "This gives a negative value for \"x\".<BR>\n" );
document.write( "Are you sure you have the data correct?<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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