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You own a house with an appraised value of $300,000. Your equity in the home is $125,000. What is your mortgage balance?
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You own a house with an appraised value of $300,000. Your equity in the home is $125,000. What is your mortgage balance?

User Rodger Cooley
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1 Answer

2 votes

Answer:

The mortgage balance is $175,000

Explanation:

Remember: House value = equity + mortgage. Therefore,

$300,000 = $125,000 + mortgage balance

The mortgage balance is $175,000.

User Parnell
by
8.1k points
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