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Math homework due tomorrow

  1. In 1992 you purchased a house and took a 25-year, $50,000 mortgage at 6% interest compounded monthly. In 2002 you sold the house for $150,000. How much equity did you have in the house at the time you sold it?

  2. A real estate speculator purchases a tract of land for $1 million dollars and assumes a 25 year mortgage at 12% compounded monthly.

a) What is the monthly payment?

b) Suppose that at the end of 5 years the mortgage is changed to a 10-year term for the remaining balance, same interest rate, and still compounded monthly. What is the new monthly payment?

c) Suppose that after 5 years, the mortgage is required to be repaid in full. How much will then be due?

Please help me and show details. I only have until tommorrow!!!

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Answer #1

cant help you haha, write random stuff down that sounds logical then ask your teacher for help

Answer #2

We don’t do your homework for you - sorry…

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