Brett Bought a House Five Years Ago for $150,000

question 45

Multiple Choice

Brett bought a house five years ago for $150,000. At that time he borrowed $140,000 from his bank. The house is now worth $162,000. The current value of his mortgage must be no higher than --- for him to request termination of his PMI policy.

• A) $122,000.
• B) $126,360.
• C) $140,000.
• D) $150,000.
• E) $162,000.