You purchase a plot of land worth $52,000 to create a community garden. To do so, you secure a 10-year loan, charging 5.

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You purchase a plot of land worth $52,000 to create a community garden. To do so, you secure a 10-year loan, charging 5.

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You Purchase A Plot Of Land Worth 52 000 To Create A Community Garden To Do So You Secure A 10 Year Loan Charging 5 1
You Purchase A Plot Of Land Worth 52 000 To Create A Community Garden To Do So You Secure A 10 Year Loan Charging 5 1 (14.36 KiB) Viewed 35 times
You purchase a plot of land worth $52,000 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 $52,000. 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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