Real Estate Math
A Washington homeowner has a $520,000 home with a $310,000 mortgage. Their equity is:
A$190,000
B$200,000
C$210,000✓ Correct
D$220,000
Explanation
Equity = Property Value − Mortgage Balance = $520,000 − $310,000 = $210,000. Using the values given ($520,000, $310,000), apply the appropriate formula.. The correct answer is $210,000.. This is a common calculation on the Washington real estate exam.
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