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  3. you purchase a plot of land worth $54,000 to creat

You purchase a plot of land worth $54,000 to create a community garden. To do...

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Accounting

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You purchase a plot of land worth $54,000 to create a community garden. To do so, you secure a 10 -year loan, charging compounded monthly, and requiring monthly payments of $505. (Assume the value of the land is still $54,000. Round eac the nearest dollar.) (a) Assuming that you put some money down, what was your originaf loan amount (in dollars)? $ (b) What is the outstanding balance (in dollars) on your loan after making 4 years of payments? $ (c) How much equity (in dollars) do you have in the garden after 4 years

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