Question

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.

Explanation:

Answer:

No. Home equity = House value - Mortgage. So, \(315000 - 285000 = 30000\). She has \(\$30,000\) in equity.