Question
A person purchased a house for $350,000. The house was financed by paying 20% down and signing a 15 year mortgage at 4.8% on the
A person purchased a house for $350,000. The house was financed by paying 20% down and signing a 15 year mortgage at 4.8% on the unpaid balance. Equal monthly payments were made to amortize the loan over a 15 year period. Now after 10 years the person decides to sell the house. If the net market value of the house is currently $700,000, how much equity to nearest dollar does the person have in the house?
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Analytical Corporate Finance
Authors: Angelo Corelli
2nd Edition
3030070921, 978-3030070922
