Annuities, Sinking Funds, and Amortization.

You purchase a plot of land worth $50,000 to create a community garden, by securing a 10-year loan charging 5.08% APR, compounded monthly, and requiring monthly payments of $425. Round all answers to the nearest dollar. a. Assuming that you put some money down, what was your original loan amount? Original Loan Amount: $ 10078 b. What is the outstanding balance on your loan after making 5 years of payments? Outstanding Balance After 5 Years: $ 12400 c. How much equity do you have in the garden after 5 years? Equity After 5 Years: $ 65422