A loan company will loan up to 75% of the equity in a home. A family purchased their home 8 years ago for $125,900. The home was financed by paying 20% down and signing a 30-year mortgage at 8.75% for the balance. Equal monthly payments were to be made over the 30 years. The market value of the house in now $140,000. After making the 96th payment, the family applied to the bank for the maximum loan. Round the answer to the nearest penny & show your work.

(A) What is the amount of the original mortgage?

(B) What are the payments that the family will make on the mortgage?

(C) How much will the family owe on the mortgage after making their 96th payment?

(D) What is the equity that the family has?

(E) What is the maximum amount that the bank will loan them?