Equity in a home: When you purchase a home by securing a mortgage, the total paid toward the principal is your equity in the home. (Technically, the lending agency calculates your equity by...

Equity in a home: When you purchase a home by securing a mortgage, the total paid toward the principal is your equity in the home. (Technically, the lending agency calculates your equity by subtracting the amount you still owe on your mortgage from the current value of your home, which may be higher or lower than your principal.) Assume that your mortgage is for $350,000 at a monthly rate of 0.007 as a decimal and that the term of the mortgage is 30 years. Then your equity after k monthly