Mail Solicitation Home Equity Loan: Is This a Good Deal? Discover offers a home equity line of credit that lowers the total of the monthly payments on several hypothetical loans by $366.12. (See the following table.) The home equity loan payment is based on "10.49% APR annualized over a 10-year term." This means the loan is amortized at 10.49% with monthly payments. Using this interest rate and monthly payments for the 10 years, how much money will still be owed at the end of the 10 years? How much is paid during the 10 years? How much would the payment have to be to have the debt paid in the 10 years? How long would it take to pay off the debts under the original plan if interest were 15% on each loan