1) A family purchased a home 10 years ago for $80,000. The home was financed by paying...
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Question:
1) A family purchased a home 10 years ago for $80,000. The home was financed
by paying 20% down and signing a 30 year mortgage at 9% on the unpaid balance.
The net market value of the house (amount received after subtracting all costs
involved in selling the house) is now $120,000, and the family wishes to sell the
house. How much equity (to the nearest dollar) does the family have in the house
now after making 120 monthly payments?
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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