Finance
A Missouri homeowner's equity is $90,000 on a property worth $300,000. What is their loan balance?
A$90,000
B$210,000✓ Correct
C$270,000
D$300,000
Explanation
Equity = Value − Loan balance. Loan balance = $300,000 − $90,000 = $210,000. Using the values given ($90,000, $300,000), apply the appropriate formula.. The correct answer is $210,000.. This is a common calculation on the Missouri real estate exam.
Related Missouri Finance Questions
- The annual percentage rate (APR) on a Missouri mortgage is higher than the stated interest rate because:
- Which of the following is NOT a closing cost typically paid by a Missouri buyer?
- The Community Reinvestment Act (CRA) requires Missouri banks to:
- In Missouri, a 'no-cost refinance' means:
- A Missouri homeowner can request PMI cancellation when the loan balance reaches 80% LTV based on the:
- A Missouri loan that is 'underwater' or 'upside down' means:
- In Missouri, a mortgage broker's role is to:
- In Missouri, a buyer using a USDA rural development loan must purchase property located:
Practice More Missouri Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Missouri Quiz →