1) A family purchased a home 10 years ago for $80,000. The home was financed
by paying 20% down and signing a 30 year mortgage at 9% on the unpaid balance.
The net market value of the house (amount received after subtracting all costs
involved in selling the house) is now $120,000, and the family wishes to sell the
house. How much equity (to the nearest dollar) does the family have in the house
now after making 120 monthly payments?