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Say that you purchase a house for $246,000 by getting a mortgage for $215,000 and paying a $31,000 down payment. If you get a 15-year mortgage with a 6 percent interest rate, what are the monthly payments? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

PMT $ What would the loan balance be in five years? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

PVA $ If the house appreciates at 3 percent per year, what will be the value of the house in five years? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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

Equity $

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Financial Management, Finance

Category:- Financial Management
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