A person purchased a house 10 years ago for $350,000. The

Last updated: 7/8/2022

A person purchased a house 10 years ago for $350,000. The house was financed by paying 20% down and signing a 15-year mortgage at 5.5% on the unpaid balance. Equal monthly payments were made to amortize the loan over a 15-year period. The owner (after the 120th payment) wants to sell the house. The net market value of the house is currently $700,000. How much equity to the nearest dollar does the person have in the house now?