The Turners have purchased a house for $160,000. They made an initial down payment of $40,000 and secured a mortgage with interest charged at the rate of 7%/year compounded monthly on the unpaid balance. The loan is to be amortized over 30 yr.

(a) What monthly payment will the Turners be required to make? (b) How much total interest will they pay on the loan? (c) What will be their equity after 10 years? (d) What will be their equity after 22 years?