Question

Fiona bought a house three years ago at the price of $150,000. Today the house is worth $160,000. Fiona still owes $110,000 on the home's mortgage loan. What is Fiona's current equity in her home?

Answer 1

$50,000

Explanation:

Solution:

CP= $150,000

MP= $160,000

Loan= $110,000

Current equity=?

Now,

CE= 160,000-110,000

Therefore, CE=$50,000