Mary buys a piece of land worth $40,000, by paying $10,000 down and then taking out a loan for the balance. The loan will be retired with equal monthly payments over 15 years at j12=12%.

How many number of monthly payments are to be made?

What is the size of monthly payment? *

How much of the loan principal is outstanding after 5 years? *

What is the size of Mary's equity at the end of 5 years? *