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The Ahmeds purchase a house for $140,000 by making a 25% down payment and borrowing the rest. They will make monthly payments for 15 years at 5.3% compounded monthly. After 11 years, they still owe $84,567 (rounded to the nearest dollar). How much equity do they have in the house if the house is now worth $190,000? a. $105,433 b. $67,862.4 c. $64,352.16 d. $45,167.23 e. $127,108.38
Sagot :
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