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You purchase a plot of land worth $39,000 to create a community garden. To do so, you secure a 10-year loan, charging 8.36% APR, compounded
You purchase a plot of land worth $39,000 to create a community garden. To do so, you secure a 10-year loan, charging 8.36% APR, compounded monthly, and requiring monthly payments of $355. Round each answer to the nearest dollar. a. Assuming that you put some money down, what was your original loan amount? Original Loan Amount: $ b. What is the outstanding balance on your loan after making 3 years of payments? 3 Outstanding Balance After 3 Years: $ c. How much equity do you have in the garden after 3 years? Equity After 3 Years: $
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