Mathematics of Finance - A family has just purchased a new home for $165,000. After they put down a 20% down payment, they borrow the rest at 5.35% for 15 years.
(a) How much is the monthly mortgage payment?
(b) How much interest will they pay over the entire length of the mortgage?
(c) After 10 years, the home is appraised at $209,565. How much equity is in the home? (Hint: Find the value of the loan at this time and the value of all the payments you have made so far to find the loan balance or any other technique that you have discovered - explain your procedure)