Question: 6. Tom bought a $200,000 house with $40,000 down payment. He got a 15 year, 5% APR loan for the rest of the cost. Tom

6. Tom bought a $200,000 house with $40,000 down payment. He

6. Tom bought a $200,000 house with $40,000 down payment. He got a 15 year, 5% APR loan for the rest of the cost. Tom pays mortgage monthly and the interest compounds monthly. a. What is his monthly payment? b. If he sell the house at $250,000 after 5 years, how much money will he keep after payoff the mortgage balance? (Ignore all transaction processing cost.)

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