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

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A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan the couple up to 70% of their equity. The couple purchased the home 12 years ago for $179,000. The home was financed by paying 20% 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 $215,000. After making the 144th payment, the couple applied to the loan company for the maximum loan. How much (to the nearest dollar) will the couple receive?

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College Mathematics For Business Economics, Life Sciences, And Social Sciences

ISBN: 978-0134674148

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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