Sarah purchased a condo for $200,000 with a $45,000 down payment and a $155,000 bank loan. The mortgage is to be amortized in just 15 years with an interest rate of 3% per year, compounded monthly. 10 years later, the value of her condo has risen to $260,000 and she would like to sell her property. How much does she still owe on her mortgage? What is her equity in the condo at this point?

Please show your work and formula. Step by step.

Thank you