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You purchase a plot of land worth 58 000 to create a community garden To...

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Basic Math

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You purchase a plot of land worth 58 000 to create a community garden To do so you secure a 10 year loan charging 5 11 APR compounded monthly and requiring monthly payments of 505 Assume the value of the land is still 58 000 Round each answer to the nearest dollar a Assuming that you put some money down what was your original 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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