Real Estate Math
A Nevada buyer finances $320,000 at 6.5% for 30 years. After 5 years, the balance is approximately $300,000. What is the equity if the home is now worth $380,000?
A$60,000
B$80,000✓ Correct
C$100,000
D$120,000
Explanation
Equity = Current Value – Outstanding Loan Balance = $380,000 – $300,000 = $80,000. To solve this, multiply the relevant values: $320,000 and $300,000 at 6.
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