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Reference no: EM131097846

Suppose you purchase a home for $90,000 by paying a 20% down payment and signing a 30 year mortgage. The fixed annual rate is 6% compounded monthly. After 20 years the market value is expected to be $125,000.

What is the monthly payment?

How much is needed to payoff the loan after 20 years (round to nearest dollar)?

How much equity would you have at that time (to the nearest dollar)?

Reference no: EM131097846

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