Real Estate Math
A buyer puts 5% down on a $280,000 home. After 3 years the loan balance is $253,000. The home is now worth $305,000. What is the owner's equity?
A$52,000✓ Correct
B$39,000
C$27,000
D$65,000
Explanation
Equity = Current value − Loan balance = $305,000 − $253,000 = $52,000. To solve this, multiply the relevant values: $280,000 and $253,000 at 5%..
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