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Martha and Gordon Purchased a Home for $175,000 Six Years

Question 181

Multiple Choice

Martha and Gordon purchased a home for $175,000 six years ago with a 5.5 percent,30-year $140,000 mortgage.Their home now has a market value of $210,000 and they owe $134,000 on the mortgage.What is the equity in their home?


A) $76,000
B) $70,000
C) $41,000
D) $35,000

Correct Answer:

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