Question
A few years ago, Simon Powell purchased a home for $200,000. Today, the home is worth $350,000. His remaining mortgage balance is $150,000. Assuming that
A few years ago, Simon Powell purchased a home for $200,000. Today, the home is worth $350,000. His remaining mortgage balance is $150,000. Assuming that Simon can borrow up to 80 percent of the market value, what is the maximum amount he can currently borrow against his home?
Amount available for borrowing:
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
2nd Edition
0073530638, 9780073530635
