What does Home equity mean?

1 answer:

8 0

Home equity means the market value of owner's "unencumbered" interest of their land or property. The property's equity increases once the person, who loans the amount to buy the house, will make the payments against the mortgage balance. Home equity is another term for real estate value.

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Jeff wants to purchase a television for his first apartment. The television costs $750. He can get a zero-interest loan for the

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Answer:

The explanation is given below

Explanation:

If Jason puts away $200 per month in savings, the money saved (y) in x months is given by the equation: y = 200x.

Jason collects a loan of $750 and pays with no interest if he pays $100 per month. Therefore in x months, Jason would have paid 100x as part of the $750 loan.

The money remaining for Jason to pay after x months is given as: 750 - 100x.

To figure out when his savings will equal the remaining amount he owes on the television, the money saved (y) in x months is to be equal to The money remaining for Jason to pay after x months. That is:

750 - 100x = 200x

200x + 100x = 750

300x = 750

x = 750/300

x = 2.5 months

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