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Say that you purchase a house for $254,000 by getting a mortgage for $225,000 and paying a $29,000 down payment. If you get a 25-year

Say that you purchase a house for $254,000 by getting a mortgage for $225,000 and paying a $29,000 down payment. If you get a 25-year mortgage with an interest rate of 7 percent, what are the monthly payments?

What would the loan balance be in ten years?

If the house appreciates at 3 percent per year, what will be the value of the house in ten years?

How much of this value is your equity?

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