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Problem 4 and 5-7 House Appreciation and Mortgage Payments Say that you purchase a house for...

Problem 4 and 5-7 House Appreciation and Mortgage Payments

Say that you purchase a house for $314,000 by getting a mortgage for $275,000 and paying a $39,000 down payment. If you get a 25-year mortgage with a 6 percent interest rate, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
  PMT $   
What would the loan balance be in ten years? (Round the payment amount to the nearest cent but do not round any other interim calculations. Round your final answer to 2 decimal places.)
  PVA $   

If the house appreciates at 2 percent per year, what will be the value of the house in ten years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
  FV $   

  

How much of this value is your equity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
  Equity $   
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