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9. 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

9. 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? $70,000 $76,000 $41,000 $45,000 10. A preapproval for a mortgage loan is a guaranteed loan. False True

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