Real Estate Math
A North Dakota property has a loan balance of $240,000 and a market value of $310,000. What is the homeowner's equity?
A$60,000
B$70,000✓ Correct
C$80,000
D$90,000
Explanation
Equity = Market value − Loan balance = $310,000 − $240,000 = $70,000. Using the values given ($240,000, $310,000), apply the appropriate formula.. The correct answer is $70,000.. This is a common calculation on the North Dakota real estate exam.
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