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A couple wishes to borrow money using the equity in their home for collateral A...

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Basic Math

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A couple wishes to borrow money using the equity in their home for collateral A loan company will loan them up to 70 of their equity They puchased their home 10 years ago for 65 757 The home was financed by paying 20 down and signing a 15 year mortgage at 8 1 on the unpaid balance Equal monthly payments were made to amortize the loan over the 15 year period The net market value of the house is now 100 000 After making their 120th payment they applied to the loan company for the maximum loan How much to the nearest dollar will they receive

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