Question
Say that you purchase a house for $210,000 by getting a mortgage for $185,000 and paying a $25,000 down payment. If you get a 15-year
Say that you purchase a house for $210,000 by getting a mortgage for $185,000 and paying a $25,000 down payment. If you get a 15-year mortgage with a 6 percent interest rate, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PMT $ What would the loan balance be in five years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PVA $ If the house appreciates at 3 percent per year, what will be the value of the house in five years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) FV $ How much of this value is your equity? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Equity $
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