Marty Walker and Bob Gertz traded their properties. Walker's property was worth $142,250 and the market on Gertz's place was $173,500. The difference in the repective equities in the two properties was $20,150.70 The amount of equity that Walker had in his place was $49,012.50. Walker's equity is greater than Gertz's equity.
What was remaining loan, minus the repective equities, of the two properties ?
The answers, along with the corresponding solution, will be posted below the photographs at the bottom of the page, so spend a little time on it before you make your way to the bottom. Hope you enjoy these little quizzes I put together for you.
A. 93,237.50 for Walker. 144638.20 for Gertz.
First subtract the difference in the equities to get the amount of equity in the Gertz home.
49012.5 walker equity
Next , subtract the equity Walker had in his home to get the balance of his loan.
93237.5 walker had in his property
144638.2 gertz had in his property
Figures that are deer to us :-)