Question4. [-/3.57 Points] DETAILS MY NOTES
TANAPMATH7 4.3.025. PRACTICE ANOTHER
The Taylors have purchased a $\$ 300,000$ house. They made an initial down payment of $\$ 40,000$ and secured a mortgage with interest charged at the rate of $7 \% / y e a r$ on the unpaid balance. Interest computations are made at the end of each month. If the loan is to be amortized over 30 years, what monthly payment will the Taylors be required to make? (Round your answer to the nearest cent.) \$$\square$What is their equity (disregarding appreciation) after 5 years? After 10 years? After 20 years? (Round your answers to the nearest cent.) 5 years$\$$ $\square$ 10 years \$ $\square$ 20 years \$ $\square$