Ten years ago, Sarah and Ben bought a house in Cambridge, Ontario for $600,000. They made a down payment of $50,000 and took out a mortgage to cover the remainin $550,000. They have now paid $100,000 towards the mortgage principal. How much equity do they have in their home? O a. $50,000 O b. $150,000 O c. $550,000 O d. $450,000

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Question 9:
Ten years ago, Sarah and Ben bought a house in Cambridge, Ontario for $600,000. They made a down payment of $50,000 and took out a mortgage to cover the remaining
$550,000. They have now paid $100,000 towards the mortgage principal. How much equity do they have in their home?
O a. $50,000
O b. $150,000
O c. $550,000
O d. $450,000
Transcribed Image Text:Question 9: Ten years ago, Sarah and Ben bought a house in Cambridge, Ontario for $600,000. They made a down payment of $50,000 and took out a mortgage to cover the remaining $550,000. They have now paid $100,000 towards the mortgage principal. How much equity do they have in their home? O a. $50,000 O b. $150,000 O c. $550,000 O d. $450,000
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