Say that you purchase a house for $272,000 by getting a mortgage for $240,000 and paying a $32,000 down payment. If you get a 30-year mortgagewith an interest rate of 7 percent, what are the monthly payments?(Do not round intermediate calculations and round your finalanswer to 2 decimal places.)

Payment $______

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.)

Loan balance $_______

If the house appreciates at 3 percent per year, what will be the value of the house in ten years?(Do not round intermediate calculations and round your finalanswer to 2 decimal places.)

Future Value $_______

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

Equity $_______