Use an Amortization Table to Solve the Problem

question 17

Short Answer

Use an amortization table to solve the problem. Round to the nearest cent.
-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 is now
$100,000. The owner wishes to sell the house. How much equity (to the nearest dollar) does the owner have in
the house after making 168 monthly payments?

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Definitions:

Dermal Blood Vessels

Refers to the network of blood vessels situated within the dermal layer of the skin, which provide nutrients and regulate temperature.

Blistered

A condition characterized by the formation of small bubbles of fluid beneath the skin, often resulting from friction, burns, or other injuries.

Second Degree

In the context of burns, refers to burns affecting both the epidermis and the dermal layer of skin, causing blistering and more severe pain.

Arrector Pili Muscles

Small muscles attached to hair follicles that, when contracted, cause the hair to stand on end, known as "goosebumps."