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Suppose home owners owe $6 trillion in mortgage loans.
Instructions: Enter your response as a whole number.
(a) If the mortgage interest rate is 5 percent, approximately how much are home owners paying in annual mortgage interest?
$         billion
(b) If the interest rate drops to 4 percent, by how much will annual interest payments decline?
Instructions: Enter your response as a positive whole number (do not include a negative (-) sign).
$                 billion