a couple wishes to borrow money using equity in their home for collateral. a loan...
70.2K
Verified Solution
Link Copied!
Question
Finance
a couple wishes to borrow money using equity in their home for collateral. a loan company will loan rhem up to 70% of their equity. they purchased their home 11 years ago for $76,061. the home was financed by paying 20% down and signing a 30-year mortgage at 9% on unpaid balance. equal monthly payments were made to amortize the loan over the 30-year period. the net market value of the house is now $100,000. after making their 132nd payment, they applied to the loan company for rhe maxium loan. how much ( to the nearest dollar) will they recieve? Amount of loan: $
Amount of loan: $
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.