Jones bought a house for $125,000. He obtained a loan for 88% of the purchase price payable $1,549 per month at 12% interest. Before he made his first payment he sold the house for $139,750. His equity at the time of the sale was:

A: $15,000;
B: $29,750;
C: $139,750;
D: None of the above.

Answer: B: $29,750;

Business

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