Caleb's duplex sold at a foreclosure auction for $140,000. At the time of foreclosure, he had not made any payments to the bank for 11 months ($1,200 each). The outstanding balance of his mortgage was $197,000. What is the amount of the deficiency?
Caleb's duplex sold at a foreclosure auction for $140,000. At the time of foreclosure, he had not made any payments to the bank for 11 months ($1,200 each). The outstanding balance of his mortgage was $197,000. What is the amount of the deficiency?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Caleb's duplex sold at a foreclosure auction for $140,000. At the time of foreclosure, he had not made any payments to the bank for 11 months ($1,200 each). The outstanding balance of his mortgage was $197,000. What is the amount of the deficiency?
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