Maggie and Landon own a home valued at $200,000. They put 20% down when they purchased the home, and they currently have a mortgage for $195,000. The value of their home is less than it was when they first purchased the home, and they want to know how much equity they have. What is Maggie and Landon's owner's equity?
Maggie and Landon own a home valued at $200,000. They put 20% down when they purchased the home, and they currently have a mortgage for $195,000. The value of their home is less than it was when they first purchased the home, and they want to know how much equity they have. What is Maggie and Landon's owner's equity?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 39P
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Transcribed Image Text:Maggie and Landon own a home valued at $200,000. They put 20% down when they purchased the home, and they currently
have a mortgage for $195,000. The value of their home is less than it was when they first purchased the home, and they want
to know how much equity they have.
What is Maggie and Landon's owner's equity?
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