Purchase land worth $54,000 to create a community garden. To do this, you take out a 10-year loan, with an APR of 5.22%, compounded monthly, and requiring monthly payments of $505. (Assume the value of the land is still $54,000. Round each answer to the nearest dollar.)

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Assuming you made a down payment, what was your original loan amount (in dollars)?

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

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

Answer rating: 100% (QA)

a Original Loan Amount Now we need to calculate the monthly interest rate r Given information APR 52... View the full answer