Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 20, 2024

Riley and Sue paid 30% down for a house valued at $135,000 in 2012. They make monthly payments toward principle of $500 for 5 years.

Riley and Sue paid 30% down for a house valued at $135,000 in 2012. They make monthly payments toward principle of $500 for 5 years. If they sell the house in 2017 for $180,000, what will the value of their equity be?

A. $40,500

B. $115,500

C. $45,000

D. $70,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fixed Income Securities Tools For Todays Markets

Authors: Bruce Tuckman, Angel Serrat

4th Edition

1119835550, 978-1119835554

More Books

Students also viewed these Finance questions

Question

★★★★★

How does the B-H curve of a single-phase transformer relate to the voltage and current waveforms found on a transformer winding?

Answered: 1 week ago

Question

★★★★★

On January 1, 2016, Jeffrey Madaras contributes land in a partnership with Dave Adams. Madaras purchased the land in 2011 for $300,000. A real estate appraiser now values the land at $625,000....

Answered: 1 week ago

Question

★★★★★

Emotion Log Monitor your feelings by keeping a log with you for one week. Make a note each time you experience a moderate or strong emotion, and immediately answer these three questions about it: How...

Answered: 1 week ago

Question

★★★★★

On December 31, 2012, Grando Company sells production equipment to Fargo Inc. for $50,000. Grando includes a 1-year warranty service with the sale of all its equipment. The customer receives and pays...

Answered: 1 week ago

Question

★★★★★

Which of the following best describes the relationship between business continuity planning ( BCP ) and disaster recovery ( DR ) ?

Answered: 1 week ago

Question

★★★★★

Provide the missing data in the following table for a distributor of martial arts products: (Enter "Turnover" and "ROI" answers to 1 decimal place.) Provide the missing data in the following table...

Answered: 1 week ago

Question

★★★★★

1. You have been asked to review the valuation of Santiago Cement, a small Peruvian cement company, by an M&A analyst, for acquisition by a US cement company. The analyst has estimated a value of 1...

Answered: 1 week ago

Question

★★★★★

An owner investment of a building, valued at $100,000 with an $80,000 outstanding mortgage, transferring this asset into the business would O A. increase shareholders' equity by $20,000 OB. increase...

Answered: 1 week ago

Question

★★★★★

Politics ____ a set of activities performed in every country. is are A and B some other option

Answered: 1 week ago

Question

★★★★★

For a set of 70 coin flips, we record 21 heads and 49 tails. 1) If p is the true probability of heads, what is our best estimate for p here? 2) What is our best estimate for the standard deviation

Answered: 1 week ago

Question

★★★★★

Question 1 Corinth Biotech Limited (CBL) started operations in January 2018. CBL reports under IFRS. The following activities occurred during the year: 1. On January 31, 2018, the shareholder, John...

Answered: 1 week ago

Question

★★★★★

What employment tests could VoX International use when selecting a new account manager?

Answered: 1 week ago

Question

★★★★★

Susan Webb indicates that she wants to hire people with the right personality. Is this a legally allowable and defensible requirement?

Answered: 1 week ago

Question

★★★★★

How could Jack use the job characteristics model to redesign the job of salespeople in the store? Jack Deppster arrived for his first day of work as store manager at Buzz, one of the largest and most...

Answered: 1 week ago

Previous Question Next Question