A few years ago, you purchased a home for $98200. Today, the home is worth $108400. Your remaining mortgage balance is $60386. Assuming you can borrow up to 80 percent of the home's current value, what is the maximum amount of cash you could borrow in a cash-out home refinancing after paying off your original mortgage? Vour Answer:
A few years ago, you purchased a home for $98200. Today, the home is worth $108400. Your remaining mortgage balance is $60386. Assuming you can borrow up to 80 percent of the home's current value, what is the maximum amount of cash you could borrow in a cash-out home refinancing after paying off your original mortgage? Vour Answer:
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:A few years ago, you purchased a home for $98200. Today, the home is worth
$108400. Your remaining mortgage balance is $60386. Assuming you can borrow up
to 80 percent of the home's current value, what is the maximum amount of cash you
could borrow in a cash-out home refinancing after paying off your original mortgage?
Your Answer:
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