The Kramer family borrowed $180,000 from 1st National Bank several years ago when they bought their co-op for $212,000. They decided to sell during a depressed market for $156,000. They have $15,000 in equity. How much money do they need to pay the bank back? A. $9,000 B. $180,000 C. $156,000 D. $15,000
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
21. The Kramer family borrowed $180,000 from 1st National Bank several years
ago when they bought their co-op for $212,000. They decided to sell during a
depressed market for $156,000. They have $15,000 in equity. How much
money do they need to pay the bank back?
A. $9,000
B. $180,000
C. $156,000
D. $15,000
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