Real Estate Math
A Kansas homeowner's mortgage balance is $142,000. The appraised value is $195,000. What is the homeowner's equity?
A$43,000
B$53,000✓ Correct
C$63,000
D$73,000
Explanation
Equity = Appraised Value - Mortgage Balance = $195,000 - $142,000 = $53,000. Using the values given ($142,000, $195,000), apply the appropriate formula.. The correct answer is $53,000.. This is a common calculation on the Kansas real estate exam.
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