Real Estate Math
A Mississippi homeowner has a mortgage with a remaining balance of $148,000. Their home's current market value is $195,000. Their equity percentage is approximately:
A75.9%
B24.1%
C19.3%
D31.4%✓ Correct
Explanation
Equity = Market Value - Loan Balance = $195,000 - $148,000 = $47,000. Equity percentage = $47,000 ÷ $195,000 = 24.
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