Jerome purchased a new home for $400,000. At the same time, he sold a home for $345,000 in which he had net equity of $100,000 after paying off the existing mortgage of $245,000. He used that equity as a down payment on the new home while borrowing the rest with a new mortgage. The closing costs on the transaction were $20,700 (withdrawn from his money market account). What is the immediate impact of this transaction? His net worth decreases by $55,000. His net worth decreases by $20,700. His net worth increases by $55,000. His net worth remains the same. His net worth increases by $34,300