Real Estate Math
A homeowner purchased their home for $285,000 five years ago. They have paid down $12,000 in principal. The home is now worth $360,000. What is the homeowner's current equity?
A$75,000
B$87,000✓ Correct
C$63,000
D$85,000
Explanation
Current equity = Current value − Remaining loan balance. Remaining loan: $285,000 − $12,000 = $273,000. Equity: $360,000 − $273,000 = $87,000.
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