The Turners have purchased a house for $160,000. They made an initial down payment of $30,000...

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The Turners have purchased a house for $160,000. They made aninitial down payment of $30,000 and secured a mortgage withinterest charged at the rate of 7%/year compounded monthly on theunpaid balance. The loan is to be amortized over 30 yr. (Round youranswers to the nearest cent.)
(a) What monthly payment will the Turners be required tomake?
$

(b) How much total interest will they pay on the loan?
$

(c) What will be their equity after 10 years?
$

(d) What will be their equity after 22 years?
$

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The Turners have purchased a house for $160,000. They made aninitial down payment of $30,000 and secured a mortgage withinterest charged at the rate of 7%/year compounded monthly on theunpaid balance. The loan is to be amortized over 30 yr. (Round youranswers to the nearest cent.)(a) What monthly payment will the Turners be required tomake?$ (b) How much total interest will they pay on the loan?$ (c) What will be their equity after 10 years?$ (d) What will be their equity after 22 years?$