19 a

19b

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 12 years ago for $67,649. The home was financed by paying 10% down and signing a 30 year mortgage at 0% on the unpaid balance Equal monthly payments were made to amortire the loan over the 30-year period. The net market value of the house is now $100,000. After making their 144th payment, they applied to the loan company for the maximum loan. How much to the nearest dollar) will they rectivo? Amount of toan (Round to the nearest dollar) A person purchased a $149,049 home 10 years ago by paying 15% down and signing a 30-year mortgage at 84% compounded monthly Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 20 year mortgage at 0% compounded monthly How much interest will refinancing save? Money Saved: (Round to the nearest cent as needed.)