Question: When Jonathan purchased his first home, he made a down payment of 20% on purchase price of $500,000. Since then, the value of the property

When Jonathan purchased his first home, he made a down payment of 20% on purchase price of $500,000. Since then, the value of the property has risen 30% and his mortgage balance decreased by $11,000. How much equity does Jonathan has in his home?

	a.	$111,000
	b.	$150,000
	c.	$261,000
	d.	$100,000

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