Jordan purchased her house for $200,000, making a 20% down payment and taking out a...
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Accounting
Jordan purchased her house for $200,000, making a 20% down payment and taking out a mortgage for $160,000. Today the house is worth $300,000 and the mortgage has been paid down to $100,000. If banks will lend up to 75% of the value of the home, less borrowings, what is the maximum Jordan can borrow right now to pay college expenses for her children?
$30,000
$125,000
$150,000
$225,000
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