Finance
A Maine homeowner's first mortgage is $350,000 and a second mortgage is $40,000. The property sells for $380,000 at foreclosure. After paying costs of $8,000, how much does the second mortgage holder receive?
A$0
B$22,000✓ Correct
C$30,000
D$40,000
Explanation
After foreclosure costs ($8,000): $380,000 − $8,000 = $372,000. First mortgage gets $350,000.
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