Finance
A Massachusetts homeowner has a $450,000 home with a $280,000 mortgage. The homeowner's equity is:
A$170,000✓ Correct
B$280,000
C$450,000
D$730,000
Explanation
Equity = Property Value − Mortgage Balance = $450,000 − $280,000 = $170,000. Using the values given ($450,000, $280,000), apply the appropriate formula..
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