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q8 q7 Credit Limit. Mary and Marty are interested in obtaining a home equity loan. They purchased their house five years ago for $155,000, and
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Credit Limit. Mary and Marty are interested in obtaining a home equity loan. They purchased their house five years ago for $155,000, and it now has a market value of $195,225. Originally, Mary and Marty paid $31,061 down on the house and took out a $123 939 mortgage The current balance on their mortgage is $102,851 The bank uses 75% of equity in determining the credit limit. what will their credit limit be if the bank bases their credit limit on equity invested and will loan them 75% of the equity? if the bank bases their credit limit on equity invested and will loan them 75% of the equity, their credit limit nearest dollar ]) ill be $L Round to theStep by Step Solution
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