Julie bought a house for $315,000 and has a $285,000 mortgage. She claims she has $315,000 in equity. Is she correct? If not, how much home equity does she have? Explain.
Answer
Answer:
No, she is not correct. She has 30,000 in home equity because 315,000 -285000 = 30,000

Question

Julie bought a house for $315,000 and has a $285,000 mortgage. She claims she has $315,000 in equity. Is she correct? If not, how much home equity does she have? Explain.

Revolt · Accepted Answer

No, she is not correct. She has 30,000 in home equity because 315,000 -285000 = 30,000

Understanding Net Worth

Julie bought a house for $315,000 and has a $285,000 mortgage. She claims she has $315,000 in equity. Is she correct? If not, how much home equity does she have? Explain.

More from this Course