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You bought a house 17 months ago for $300,000. You put 5% down and therefore took...

You bought a house 17 months ago for $300,000. You put 5% down and therefore took out a mortgage of $285,000. Your interest rate is 3.5% per year (expressed as an annual percentage rate), compounded monthly, and your mortgage lasts 30 years. You have made 17 payments thus far. However, you are worried that the coronavirus outbreak may cause home prices to decline in your area. If your home price declines by 8%, is your home underwater on the loan? In other words, is your home worth less than what you owe on the mortgage?

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