FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Someone purchased a home for $185.000 three years ago. The home is worth $150,000 Today. The remaining balance on the mortgage is $35,000. If Mary

image text in transcribed
Someone purchased a home for $185.000 three years ago. The home is worth $150,000 Today. The remaining balance on the mortgage is $35,000. If Mary can borrow up to 65% of the market value of the equity, How much can he borrow? Select one: O a. 185000 O b. 150000 O c. 120250 d. 74750 e. 97500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Short Term Financial Management

Short Term Financial Management

Authors: Terry S. Maness, John T. Zietlow

3rd Edition

0324202938, 978-0324202939

More Books

Students also viewed these Finance questions

Question

★★★★★
A seesaw weighing 3 lb/ft of length is occupied by two children, each weighing 90 lb (see figure). The center of gravity of each child is 8 ft from the fulcrum. The board is 19 ft long, 8 in. wide,...

Answered: 1 week ago

Question

★★★★★
Two banks in the area offer 25-year, $230,000 mortgages at 5.7 percent and charge a $3,700 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the...

Answered: 1 week ago

Question

★★★★★
12. Researchers should be prepared to spend time in the revision process.

Answered: 1 week ago

Question

★★★★★
Polly Esther Dress Shops Inc. can open a new store that will do an annual sales volume of $837,900. It will turn over its assets 1.9 times per year. The profit margin on sales will be 8 percent. What...

Answered: 1 week ago

Question

★★★★★
Someone purchased a home for $185.000 three years ago. The home is worth $150,000 Today. The remaining balance on the mortgage is $35,000. If Mary can borrow up to 65% of the market value of the...

Answered: 1 week ago

Question

★★★★★
The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Pancho Villa Enterprises (PVE). Prior Service Cost 72 Plan PBO Assets 462 (97) (37) Net Pension...

Answered: 1 week ago

Question

★★★★★
You are an auditor for Tuesday & Co . , CPAs. Your supervisor has asked you to prepare an audit report for Crusoe, one of the firm s clients. You begin your audit report by reviewing the relevant...

Answered: 1 week ago

Question

★★★★★
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners'...

Answered: 1 week ago

Question

★★★★★
Create a PivotTable to show the price per unit for each transaction. Insert the PivotTable on the Transaction worksheet. Place Trans Number as the row labels. Use an appropriate presentation of the...

Answered: 1 week ago

Question

★★★★★
8) Carpenter Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and...

Answered: 1 week ago

Question

★★★★★
5. Mary is planning to repay a debt of 75,000 with a quarterly payment $4,000 for the next 23 quarters and a final payment of "X" dollars at the end of 24-th quarter. If the interest rate is 12% per...

Answered: 1 week ago

Question

★★★★★
3. Comment on how diversity and equality should be managed.

Answered: 1 week ago

Question

★★★★★
describe the legislation that addresses workplace equality

Answered: 1 week ago

Question

★★★★★
explain the concept of workforce diversity and how to manage it successfully

Answered: 1 week ago

Previous Question Next Question