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Frank Purchased His Home in 1997 for $130,000

Question 102

Multiple Choice

Frank purchased his home in 1997 for $130,000. He added an addition costing $35,000. The current tax assessed value is $80,000 while the current market value is $185,000. If Frank's current mortgage balance is $95,000, his equity in his home is


A) $130,000.
B) $165,000.
C) $90,000.
D) $70,000.

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