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Joanna Bruno bought a house for $120,000, putting 20% down and borrowing the rest with a conventional loan. At the end of the first year, her principal had been paid down by $480, and property values in the area had risen by 6%. Her equity at the end of that first year was

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Joanna Bruno bought a house for $120,000, putting 20% down and borrowing the rest with a conventional loan. At the end of the first year, her principal had been paid down by $480, and property values in the area had risen by 6%. Her equity at the end of that first year was






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