You found your dream home, and your bid has been accepted. The house costs

$250,000; you put down $50,000 and the bank will lend you the rest. You take a

mortgage of $200,000 payable monthly for 30 years at a nominal (convertible

12x) rate of 5%.

What will your end-of-month payments be?

After 4 years of payments, how much do you still owe the bank?

How much interest have you paid to date?

If the value of your house goes up by 3% every year, what is the equity in your home at that time?