Mr. and Mrs. Dunn have just purchased a $120000 condo and made a down payment of $11000. They can amortize the balance at 12% compounded monthly over 20 years.

Note: for this question, round the payment appropriately and use it in subsequent calculations.

a) What are the monthly payments?

Answer = $

b) What is their equity after 5 years (i.e. the difference between the price of the home and the balance still owing)?

Answer = $

c) What is their equity after 15 years?

Answer = $