6. You owe $100,000 on your home. The current market value of your home is $200,000. You want to renovate and thus borrow money based on your home value. Your lender requires an 80% loan-to-market value ratio, how large could your home equity loan be? 7. Bill earned $55,000 gross income and rented an apt for $1,000 per month. Given this is all the information you have, 25% tax rate, no other deductions and a standard deduction of $5,000. What are his total taxes due, his marginal rate, his average rate, and how much was his monthly take home pay? 8. In the next year, Bill again, earned $55,000 gross income. He purchased a house Jan 1" 2014, for $187,500. He put down 20% down payment and borrowed the rest. Using the Rule of 8, how much is his monthly payment? of this total payment $1,000 is interest and $100 taxes, his standard deduction is again $5,000. What are his total taxes due, his marginal rate, his average rate, and how much was his monthly take home pay