Finance
A Kentucky homeowner who borrowed $200,000 has paid down the balance to $155,000. The home is currently worth $230,000. What is the homeowner's equity?
A$55,000
B$75,000✓ Correct
C$45,000
D$100,000
Explanation
Equity = Current Market Value − Loan Balance = $230,000 − $155,000 = $75,000. Using the values given ($200,000, $155,000), apply the appropriate formula..
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