You have a home currently valued at $250,000. You have now paid down the original mortgage on this home by 35 percent. You borrowed $220,000 for 30 years at 8.375%. As with all mortgages, payments are made monthly. What is your equity value on this home? Remember that your equity is the difference between home value and loan balance.

Question 5 options:

1)

$220,000

2)

$107,000

3)

$143,000

4)

$77,000

5)	None of the above