3. An investor bought a $400,000 property by putting 10% down (that is the initial equity, 10% of the value of the property) and financing the rest using a 15 year loan with a rate of 3.2%. Determine the monthly payment. How much is owed on the loan after 6 years of payments? If the complex appreciated by 0.22% a month, how much equity would there be after five years? If the buyer had added an additional $100 to each payment after the first six years, how long would it take to pay off the loan? How much money would be saved in total compared to the original monthly payments? If a 30 year loan had a rate of 3.5%, what would be the monthly payments on the property with the same 10% down? Determine the monthly rate of return if a buyer had used the 30 year rate, sold the property for $450,000 after 8 years and had monthly rental income of $400 over the last 7 years (out of the 8 years total). Create a data table with the monthly return as the output. The row input is the monthly rental income, start with $0 and go to $800 in increments of $200. Report your results. What considerations go into whether to use a 30 year loan or a 15 year loan