. A couple bought a house for $200,000 with 5% down and a 30 year mortgage with an interest rate of 6% a year. What were the monthly payments? 5 points

How much interest will be paid on the loan over the first 5 years of the loan? 5 points

How much interest will be paid on the loan over the last 5 years of the loan? 5 points

Why the difference in the two amounts? 5 points

The house depreciated at a rate of -0.2% a month.

What will be its value 7 years after it was purchased? 5 points

How much equity will there be at the end of the 7 years? 5 points Explain what happened. 5 points

BAII PLUS CALCULATOR