You must show work (using the formulas from class where applicable) to receive credit.
A couple purchased a $230,000 house by making a down payment of $20,000 and financing the remaining balance ($210,000) with a 30 -year mortgage at 5.914% compounded monthly. The couple's mortgage payment is $1247.47 per month.
(a) How much equity will the couple have in the house after 18 years of payments? Round your final answer to 2 decimal places.
(b) What is the total amount of interest paid by the couple over the lifetime of the loan? Round your final answer to 2 decimal places.