You purchase a plot of land worth $58,000 to create a community garden. To do so, you secure a 10-year loan, charging 5.44% APR, compounded monthly, and requiring monthly payments of $505. (Assume the value of the land is still $58,000. Round each answer to the nearest dollar.)

(a)

Assuming that you put some money down, what was your original loan amount (in dollars)?

$

(b)

What is the outstanding balance (in dollars) on your loan after making 4 years of payments?

$

(c)

How much equity (in dollars) do you have in the garden after 4 years?

$