Answer:
Step-by-step explanation:
To calculate the equity in the house, you'll need to subtract the amount still owing on the mortgage from the current value of the house.
To determine the current value of the house, you'll need to know the appreciation rate over the past 5 years. Without that information, we can't provide an exact calculation. However, I can show you the general formula and you can input the appreciation rate yourself.
Let's assume the appreciation rate is represented as a decimal value. You can calculate the current value of the house using the formula:
Current Value = Purchase Price + (Purchase Price * Appreciation Rate)
Once you have the current value of the house, you can calculate the equity using the formula:
Equity = Current Value - Amount Owed
Please provide the appreciation rate as a decimal value, and I can help you calculate the equity in the house.
