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April 20, 2015

Homework Help: math

Posted by Alexis on Wednesday, December 5, 2007 at 4:26pm.

I am answering questions concerning equity, the problem is a story problem, and it concerns a couple who bought a 129000 home, and then borrowed 107,000 at 7.25% for 30 years. A) How much equity does the couple have in their home before they make their first mortgage payment? B) How much equity would they have 10 years later if they could sell the home for 165,000? Also assume that the couple must pay 6.75% closing costs.
Then I have to modify question B under the assumption that they DID pay an extra $75 in principal each month during the same 10 years but still have 6.75 closing costs. How much equity does the couple have then?

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