The Taylors have purchased a $320,000 house. They made an initial down payment of $20,000 and secured a mortgage with interest charged at the rate of 10%/year on the unpaid balance. Interest computations are made at the end of each month. If the loan is to be amortized over 30 yr, what monthly payment will the Taylor's be required to make? (Round your answers to the nearest cent.)

monthly payment

$

What is their equity (disregarding appreciation) after 5 yr? After 10 yr? After 20 yr?

equity after 5 yr	$
equity after 10 yr	$
equity after 20 yr