PREVIUUS ANSWERS

The Taylors have purchased a $$300,000$ house. They made an initial down payment of $$30,000$ and secured a mortgage with interest charged at the rate of $8\frac{\%}{y}$ear on the unpaid balance. Interest computations are made at the end of each month. If the loan is to be amortized over $30$ years, what monthly payment will the Taylors be required to make? $($Round your answer to the nearest cent.$)$ $

What is their equity $($disregarding appreciation$)$ after $5$ years? After $10$ years? After $20$ years? $($Round your answers to the nearest cent.$)$

$5$ years $ $$

$10$ years $ $$

$20$ years $ $$