$7.[0/0\mathrm{.}83$ Points$]$

TAMUBUSMATH $6\mathrm{.}1\mathrm{.}010.1/6$ Submissions Used

You invest $$49,030$ in an account earning $6\mathrm{.}85\%$ APR, compounded daily. How much total interest is earned on the account after $217$ days? Round your answer to the nearest cent.

The total interest earned on the account is $ $$ after $217$ days.

Enter a nuifber.

$[0/0\mathrm{.}76$ Points$]$

TAMUBUSMATH $6\mathrm{.}2\mathrm{.}011.3/6$ Submissions Used

You purchase a plot of land worth $$58,000$ to create a community garden. To do so$,$ you secure a $10-$year loan, charging $5\mathrm{.}22\%$ APR, compounded monthly, and requiring monthly payments of $$505.($Assume the value of the land is still $$58,000.$ Round each answer to the nearest dollar.$)$

$($a$)$ Assuming that you put some money down, what was your original loan amount $($in dollars$)?$

$ $$

$($b$)$ What is the outstanding balance $($in dollars$)$ on your loan after making $4$ years of payments?

$ $$

$($c$)$ How much equity $($in dollars$)$ do you have in the garden after $4$ years?

$