You purchase a plot of land worth 58 000 to create a

Last updated: 12/4/2023

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