Joan Purchased Her Residence in 2011 for $500,000 by Borrowing

Joan purchased her residence in 2011 for $500,000 by borrowing $450,000.In 2017,she becomes unemployed and can no longer afford to make the full monthly payment on the mortgage.When the mortgage balance is $430,000,the bank agrees to reduce her mortgage to avoid foreclosure.How much income would Joan have to recognize if the bank agrees to reduce the mortgage on the residence to $300,000?

A) $- 0 -
B) $20,000
C) $30,000
D) $50,000
E) $80,000