Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset equity is really only $45,000. Which statement explains whether Julio is correct?

Name: Revolt
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Question

Revolt · Accepted Answer

Julio is correct because the $45,000 equity in the house is the real asset.

Understanding Net Worth - Quiz Quiz

Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset equity is really only $45,000. Which statement explains whether Julio is correct?

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