A home was purchased 14 years ago for $70,000. the home was financed by paying a 20% down payment and signing a 25 year mortgage at 8.5% compounded monthly on the unpaid balance.the market value now is 100,000. the owner wishes to sell the house.
a)what is the payment to the bank each month?
b)what is the unpaid balance after 14 years(168 payments)
c)how much equity(to the nearest dollar) does the owner have in the house after making 168 monthly payments?
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