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You purchase a plot of land worth $57,000 to create a community garden, by securing a 15-year loan charging 8.87% APR, compounded monthly, and
You purchase a plot of land worth $57,000 to create a community garden, by securing a 15-year loan charging 8.87% APR, compounded monthly, and requiring monthly payments of $365. Round all answers to the nearest dollar. a. Assuming that you put some money down, what was your original loan amount? Original Loan Amount: $ 2. b. What is the outstanding balance on your loan after making 6 years of payments? Outstanding Balance After 6 Years: $ c. How much equity do you have in the garden after 6 years? Equity After 6 Years: $
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