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Q 6.18: Maria owns a house with a fair market value of $275,000. When Maria purchased the house she paid $210,000 but that was several years ago. She currently owes $195,000. How much equity has Maria built since she first purchased the house?

Answer :

anjalipriya1 anjalipriya1

Today at 1:50 PM

Maria has built $80,000 of equity since she first purchased the house.

Explanation:

Maria currently owes: $195,000

Fair market value of home: $275,000

Maria’s Home equity = Current home worth – What Maria currently owes

 Maria’s Home equity = $275,000 - $195,000

 Maria’s Home equity = $80,000

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