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A home was purchased in the year 2000 for $80,000 and was financed by paying a 20% down payment and signing a 25 year mortgage at 3.24% compounded...
A home was purchased in the year 2000 for $80,000 and was financed by paying a 20% down payment and signing a 25 year mortgage at 3.24% compounded monthly on the unpaid balance. The market value 14 years later was $100,000.
(ANSWER FORMAT: Do NOT enter $ sign, commas nor % sign for I have already included them. Write values to nearest cent even if it is rounded to nearest dollar. Examples: 1234.56, 1234.00)
A) How much was the down payment? $ (Do NOT enter $ sign - it's already included.)
B) How much was originally financed? $ (Do NOT enter $ sign - it's already included.)
C) How much was the family's monthly payment? $ (Do NOT enter $ sign - it's already included. Round payment to the nearest cent.)
D) After 14 years of monthly payments, what is the payoff amount of the loan (round to nearest dollar)? $ (Do NOT enter $ sign - it's already included.)
E) How much equity did the family build up over the 14 years of payments (round to the nearest dollar)? $ (Do NOT enter $ sign - it's already included.)
