Jalen purchases a home for $405,000 and puts 20% down. He finances the rest over 30 years at a 4.5% rate compounded monthly. After 5 years the net market value of the house is now $620,000. Jalen wants to sell his home. How much equity does he have in the home?

Jalen purchases a home for $405,000 and puts 20% down. He finances the rest over 30 years at a 4.5% rate compounded monthly. After 5 years the net market value of the house is now $620,000. Jalen wants to sell his home. How much equity does he have in the home