Frank Purchased His Home in 1997 for $130,000

question 55

Short Answer

Frank purchased his home in 1997 for $130,000.He added an addition costing $35,000.The current tax assessed value is $80,000 while the current market value is $185,000.If Frank's current mortgage balance is $95,000,his equity in his home is
(a)$130,000.
(b)$165,000.
(c)$90,000.
(d)$70,000.