You purchase a home for $350 000. At the time of purchase you make a downpayment of $75 000. The remaining balance of the mortgage is financed at a interest rate of 4.30% compounded semi-annually, over 25 years. a) How much is your monthly mortgage payment? b) The house appreciates in value at an average rate of 2.00% per year. What will be the value of her house after 15 years? c) How much equity will you have in the house after 15 years?

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