The Jimmy family have just purchased a house with a sale price of $650,000 and have made a down payment of 15% off the sale price. The balance is financed through bank loan. They can amortize the balance at 7.00% per annum for 30 years, by making monthly payments.

Determine: (a) the payment at the end of each month. [5 marks] (b) the total interest payments on this loan amount. [5 marks] (c) after 20 years, Jimmy family's equity value. [5 marks]