A House Is Purchased with a Down Payment of $25,000

question 33

Multiple Choice

A house is purchased with a down payment of $25,000 with the remaining $175,000 financed through a mortgage at j₁₂ = 9% with monthly payments of $1500 for as long as necessary.What is the seller's equity after 15 years (180 payments) ?

• A)$118,413
• B)$104,049
• C)$95,951
• D)$70,951

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