The business helped a family buy a home for $204,000. The house is now worth $255,000. The family now owes only $180,000 on the home. The family has no other debts. What is the wealth of the family?
+2548
The business helped a family buy a home for $204,000. The house is now worth $255,000. The family now owes only $180,000 on the home. The family has no other debts. What is the wealth of the family?
The equity in the house adds 255,000 – 180,000 = 75,000 to their wealth.
This neglects other probable assets that would increase their total wealth.
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