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Mr. and Mrs. Dunn have just purchased a $120000 condo and made a down payment of $19000. They can amortize the balance at 7% compounded
Mr. and Mrs. Dunn have just purchased a $120000 condo and made a down payment of $19000. They can amortize the balance at 7% compounded monthly over 15 years. Note: for this question, round the payment appropriately and use it in subsequent calculations. a) What are the monthly payments? Answer =$ 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 10 years? Answer =$
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