A couple wishes to borrow money using the equity in their home for collateral. A...
70.2K
Verified Solution
Link Copied!
Question
Accounting
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 13 years ago for $69 comma 691. The home was financed by paying 15% down and signing a 30-year mortgage at 8.4% on the 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 156th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive?
Answer & Explanation
Solved by verified expert
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!
