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Jean purchases a house for $750,000 and is able to secure an interest only , 5 year fixed rate mortgage for $600,000 at 5% interest.
Jean purchases a house for $750,000 and is able to secure an interest only, 5 year fixed rate mortgage for $600,000 at 5% interest. After five year, the house appreciates to $770668.32. What is Jean's equity as a percent of the house value? Write your answer as a percent rounded to two decimal points without the % sign (e.g. if you get 5.6499%, write 5.65).
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