Sheldon has a home valued at $125,500 with an outstanding mortgage of $70,000. If his...
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Finance
Sheldon has a home valued at $125,500 with an outstanding mortgage of $70,000. If his lender is willing to provide a home equity loan of up to 80% of the market value of his home, how much can Sheldon borrow using a home equity loan?
Question 10 options:
|
| $86,400 |
|
| $80,000 |
|
| $38,000 |
|
| $30,400 |
|
| $16,400 |
Question 11 (1 point)
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Russ and Lois have a home valued at $116,000 with an outstanding mortgage of $60,000. If their lender is willing to provide a home equity loan of up to 75% of the market value of the home, how much can they borrow using a home equity loan?
Question 11 options:
|
| $0 |
|
| $12,000 |
|
| $27,000 |
|
| $28,000 |
|
| $36,000 |
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