1. Brian bought a house 15 years ago for $120,000 as his principal residence. He paid 10%

down payment. What was the amount of equity on his home at that time?

2. Brians home is worth $450,000 now and his mortgage balance is $50,000. What is the

amount of equity on his home?

3. Brian paid $14,700 in mortgage interest, $6,300 in mortgage principal and $4,500 in

property tax. He is in the 35% tax bracket. Whats his income tax savings?

4. Brian bought a house 30 years ago with $275,000 as his principal residence. He sold the

house for $620,000 this year and paid $31,000 for commission. His income tax bracket is

33% and long-term capital gain tax is 15%. How much should he pay for capital gain tax?