A home worth $160,000 with $80,000 still owed on the mortgage would have equity of $80,000,which is ________ percent of the home's value.

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Quizplus · Accepted Answer

Equity is calculated as the home's value minus the amount still owed on the mortgage. In this case, $160,000 (home value) - $80,000 (amount owed) = $80,000 (equity). To find the percentage of the home's value that this equity represents, divide the equity by the home's value and multiply by 100: ($80,000 / $160,000) * 100 = 50%.

A Home Worth $160,000 with $80,000 Still Owed on the Mortgage