Say that you purchase a house for $264,000 by getting a mortgage for $230,000 and paying a down payment of $34,000. If you get a 20-year mortgage with an interest rate of 6 percent, what are the monthly payments? (Round your final answer to 2 decimal places.)

Payment = ?

What would the loan balance be in five years? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.)

Loan balance = ?

If the house appreciates at 3 percent per year, what will be the value of the house in five years? (Round your final answer to 2 decimal places.)

Future Value = ?

How much of this value is your equity? (Use intermediate values rounded to 2 decimal places. Round your final answer to 2 decimal places.)

Equity = ?