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7) You purchased a home in 2024 for $225,000 and you financed $200,000 mortgage. Meaning you put $25,000 cash as a down-payment on the
7) You purchased a home in 2024 for $225,000 and you financed $200,000 mortgage. Meaning you put $25,000 cash as a down-payment on the home. You took out a 20 year mortgage. You paid off the mortgage in 20 years as scheduled. The average rate of inflation was 3% during the mortgage. When you pay-off the mortgage you have a car debt of $25,000, school loans of $35,000 and an old pick-up truck worth $8,000 (no loan against it): a. What is you home worth when the mortgage is paid off? b. What is the Net Worth of the person?
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