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Equity in house after five years

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You purchase a house at $150,000 by getting a mortgage for $135,000 and paying a $15,000 down payment. If you get a 15-yr mortgage with a 7% interest rate, what are the monthly payments? If the house appreciates, at 4% per year, what will be the value of the house in five years? How much of this is equity?

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The solution explains how to calculate the equity in house after five years.

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