Question: Here is a formula for the equity built up after k monthly payments: Equity=(1+r)t1AmountBorrowed((1+r)k1) where r is the monthly interest rate as a decimal and

decimal and t is the term in months. Use this formula for

Here is a formula for the equity built up after k monthly payments: Equity=(1+r)t1AmountBorrowed((1+r)k1) where r is the monthly interest rate as a decimal and t is the term in months. Use this formula for a mortgage of $100000 at an APR of 7.2%. Assume that the term of the mortgage is 30 years. How much equity will you have halfway through the term of the loan? Round your answer to the nearest cent. equity halfway for 30 -year loan: $ What percentage of the principal is this? What percentage of the principal is this? (Round your answer to one decimal place.) percentage of the principal for 30-year loan: Suppose now that instead of a 30-year mortgage, you have a 15 -year mortgage. Find your equity halfway through the term of the loan. What percentage of the principal is this? Enter equity to the nearest cent and the percentage to one decimal place. equity halfway for 15 -year loan: $ Suppose now that instead of a 30-year mortgage, you have a 15-year mortgage. Find your equity halfway through the term of the loan. What percentage of the principal is this? Enter equity to the nearest cent and the percentage to one decimal place. equity halfway for 15 -year loan: $ percentage of the principal for 15-year loan

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