1. Jack and Swen bought a home five years ago for $130,000. Today, the home is...

1. Jack and Swen bought a home five years ago for $130,000. Today, the home is worth $150,000. Which of the following statements is correct?

(The appraised value of Jack and Swen’s home is $130,000 , Jack and Swen’s property has appreciated by $20,000 , Jack and Swen have $20,000 equity in their home , or The market value of Jack and Swen’s home is $20,000)

2. Jackie purchases a home for $250,000. If she makes a down payment of 20 percent, what will the amount of Jackie’s mortgage be?

($45,000 , $22,500 , $200,000 , or $180,000)

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