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2. a) Suppose you have good credit and can get a 30-year mortgage for $100,000 at 5% compounded monthly. What is your monthly payment? b)

2. a) Suppose you have good credit and can get a 30-year mortgage for $100,000 at 5% compounded monthly. What is your monthly payment?

b) How much did you pay?

c) How much interest was paid?

d) After 25 years, how much is still owed on the house?

e) After 25 years, how much equity do you have in the house?

PLEASE USE THE CORRECT FORMULAS

image text in transcribed

Formulas A Prt) A=P(1 + f)" A=Pert d= P 1-(+i

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