Question: A couple has decided to purchase a $180000 house using a down payment of $30000. They can amortize the balance at 6% over 30 years.

A couple has decided to purchase a $180000 house using a

A couple has decided to purchase a $180000 house using a down payment of $30000. They can amortize the balance at 6% over 30 years. What is their monthly payment? What is the total interest paid? What is the equity after 5 years? What is the equity after 25 years? During what payment period will their equity first become larger than the outstanding balance on the mortgage

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