A $200,000 Home Is Financed by Paying by Making a $60,000

A $200,000 home is financed by paying by making a $60,000 down payment and taking out a $140,000 mortgage.The equivalent mortgage interest rate is j₁₂ = 7.87% and monthly mortgage payments of $1068 are to be made.What is the buyer's equity when the mortgage renews 5 years from today? (Answer to the nearest dollar)

A) $129,028
B) $70,972
C) $61,792
D) $10,972

Correct Answer:

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