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Say that you purchase a house for $ 2 3 4 , 0 0 0 by getting a mortgage for $ 2 0 5 ,

Say that you purchase a house for $234,000 by getting a mortgage for $205,000 and paying a down payment of $29,000. If you get a 15-year mortgage with an interest rate of 8 percent, what are the monthly payments?
What would the loan balance be in five years?
If the house appreciates at 2 percent per year, what will be the value of the house in five years?
How much of this value is your equity?

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