1. Today is January 1^st, 2020 (T=0). You take out a 30 year fully amortizing mortgage of $400,000. Payments are made at the end of each calendar month. The loan has a fixed annual rate of 4.0% (or 4.0%/12 per month). How payments will you have to make until you have at least $300,000 of equity in your home?

1. 32
2. 33
3. 109
4. 110
5. 111