A home-equity loan involves borrowing against the equity in a house. For example, if your house is valued at $250,000 and you have been paying the mortgage for a sufficient amount of time, you may owe only $150,000 on the mortgage. Therefore, your equity in the home is $100,000. You can use the home as collateral for a loan, possibly up to $100,000, depending on the bank’s policy. Home-equity loans often have shorter durations than regular mortgages. Suppose that you take a home-equity loan of $50,000 for the down payment on a new house in a new location because you have a new job. When you complete the sale of your old house, the home-equity loan will be paid off at the closing. The home-equity loan terms are a 10-year term at 7% p.a., compounded monthly, but you must also pay 0.05% of the original home-equity loan principal each month. What is the monthly payment?