Discuss the similarities and differences in the graphs of unpaid balance as a function of time for 30-year mortgages of $60,000 at rates of 7%, 10%, and 13%, respectively (see the figure). Include computations of the monthly payment and total interest paid in each case.

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60,000 50,000 40,000 30,000 E, 20,000 10,000 0. 0 6 12 18 24 30 Time (years) Figure for 54