Problem:
You have a home currently valued at $250,000. You have now paid down the original mortgage on this home by 35 percent. You borrowed $220,000 for 30 years at 8.375%. As with all mortgages, payments are made monthly.
Required:
Question: What is your equity value on this home?
- $220,000
- $107,000
- $143,000
- $77,000
- None of the above
Note: Please provide full description.