answer #4

4. A two bedroom condo cost $150,000. It is purchased with 10% down and a 15 year mortgage with an interest rate of 3.6% a year. What are the monthly payments? How much is owed on the mortgage after four years? If the value of the property increases by 0.2% a month, what is the amount of equity? (Value = Owed + Equity) What percent of the equity is due to paying down the principal