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masha68 [24]
2 years ago
5

Julie bought a house for $315,000 and has a $285,000 mortgage. She claims she has $315,000 in equity. Is she correct? If not, ho

w much home equity does she have? Explain.
Advanced Placement (AP)
2 answers:
Andrej [43]2 years ago
5 0
<span>No, she is not correct. She has only $30,000 in home equity. Equity is the value of ownership in an asset minus any debts owed on it. $315,000 minus $285,000 is $30,000.</span>
andrezito [222]2 years ago
4 0
In simple terms, the word "mortgage" is an account payable in which your house is the collateral. The asset acquired for the house is $315,000 but this value should be subtracted with the mortgage amount, $285,000 to calculate for the equity. 
                         equity = $315,000 - $285,000 
                                   = $30,000
Thus, the home equity Julie has is only $30,000. 
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