Real Estate Math
A West Virginia home purchased for $145,000 is now worth $210,000. The owner has a remaining mortgage balance of $95,000. What is the owner's current equity?
A$65,000
B$95,000
C$115,000✓ Correct
D$145,000
Explanation
Equity = Current value - Mortgage balance = $210,000 - $95,000 = $115,000. Using the values given ($145,000, $210,000), apply the appropriate formula..
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