Problemyou have a home currently valued at 250000 you have, Ask an Expert

Accounting

Problem:

You have a home currently valued at $250,000. You have now paid down the original mortgage on this home by 35 percent. You borrowed $220,000 for 30 years at 8.375%. As with all mortgages, payments are made monthly.

Required:

Question: What is your equity value on this home?

$220,000
$107,000
$143,000
$77,000
None of the above

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91166043

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