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Computers and TechnologyComputers and Technology
10 April, 10:12

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, how much home equity does she have? explain.

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  1. 10 April, 13:49
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    No she is not. Equity is equal to assets less liabilities. Her asset is the house market value and her liability is the payable mortgage amount of the house.

    where

    asset = $315000

    liability = $285000

    Julie's Home equity = asset - liability

    = $315000 - $285000

    = $ 30000
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Home » Computers and Technology » 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, how much home equity does she have? explain.
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