Say that you purchase a house for $248,000 by getting a mortgage for $220,000 and paying a $28,000 down payment. If you get a 30-year mortgage with an interest rate of 8 percent, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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What would the loan balance be in ten years? (Round the payment amount to the nearest cent but do not round any other interim calculations. Round your final answer to 2 decimal places.)

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If the house appreciates at 4 percent per year, what will be the value of the house in ten years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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How much of this value is your equity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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