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1 July, 21:53

Joyce just closed on a condo for $366,900 and put down 20% to obtain an 80% loan and avoid having to pay for private mortgage insurance. How much equity does she have in her condo

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  1. 2 July, 00:48
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    Answer: $73,380

    Explanation: Joyce closed a condo for $366,900.

    Putting down 20% of the condo means she puts down = $366,900 @20%

    $366,900 @20% = $73,380

    While obtaining 80% loan calculated as $366,900 @ 80%

    = $366,900 @ 80% = $293,520

    From the above calculations Joyce puts down $73,380
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