Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN: 9781285741550
Author: James Stewart
Publisher: Cengage Learning
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**Foreclosures in the Aftermath of the Subprime Mortgage Crisis**

In 2010, following the subprime mortgage crisis from 2007 to 2009, the United States faced a surge in mortgage foreclosures, often improperly initiated by large financial institutions. Below is a table displaying the foreclosures in three U.S. states over three months in 2011.

---

### Monthly Foreclosures in 2011

|          | **June** | **July** | **Aug.** |
|----------|----------|----------|----------|
| **California** | 54,100  | 56,200  | 59,400  |
| **Florida**    | 23,800  | 22,400  | 23,600  |
| **Texas**      | 9,300   | 10,600  | 10,100  |

---

### Firm's Foreclosure Handling

Your law firm managed:
- 20% of all foreclosures in each state during June,
- 40% of all foreclosures in July,
- 10% of all foreclosures in August 2011.

Use matrix multiplication to calculate the total number of foreclosures your firm managed in each state.

---

### Calculation Table

Fill in the total number of foreclosures handled by your firm for each state:

|          | **Total** |
|----------|-----------|
| **California** | [Enter an exact number] |
| **Florida**    | [Enter an exact number] |
| **Texas**      | [Enter an exact number] |

Please ensure each entry is calculated correctly based on the percentages provided for each month.
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Transcribed Image Text:**Foreclosures in the Aftermath of the Subprime Mortgage Crisis** In 2010, following the subprime mortgage crisis from 2007 to 2009, the United States faced a surge in mortgage foreclosures, often improperly initiated by large financial institutions. Below is a table displaying the foreclosures in three U.S. states over three months in 2011. --- ### Monthly Foreclosures in 2011 | | **June** | **July** | **Aug.** | |----------|----------|----------|----------| | **California** | 54,100 | 56,200 | 59,400 | | **Florida** | 23,800 | 22,400 | 23,600 | | **Texas** | 9,300 | 10,600 | 10,100 | --- ### Firm's Foreclosure Handling Your law firm managed: - 20% of all foreclosures in each state during June, - 40% of all foreclosures in July, - 10% of all foreclosures in August 2011. Use matrix multiplication to calculate the total number of foreclosures your firm managed in each state. --- ### Calculation Table Fill in the total number of foreclosures handled by your firm for each state: | | **Total** | |----------|-----------| | **California** | [Enter an exact number] | | **Florida** | [Enter an exact number] | | **Texas** | [Enter an exact number] | Please ensure each entry is calculated correctly based on the percentages provided for each month.
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