ased a condominium 5 years ago for $190,000. He made a down payment of 20% and financed the balance with a 30-year conventional mortgage to be amortized through monthly payments with an interest rate of 4%/year compounded monthly on the unpaid balance. What is the present value (in dollars) of the loan after 5 years of ownership? The condominium is now appraised at $250,000. Josh plans to start his own business and wishes to tap into the equity that he has in the condominium. If Josh can secure a new 30-year conventional mortgage at the same rate to refinance his condominium based on a loan of 80% of the appraised value, how much equity (in dollars) will he have after the new loan? How much cash (in dollars) can Josh muster for his business? (Disregard taxes. Round your answer to the nearest cent.) Show proper step by step calculation
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Josh purchased a condominium 5 years ago for $190,000. He made a down payment of 20% and financed the balance with a 30-year conventional mortgage to be amortized through monthly payments with an interest rate of 4%/year compounded monthly on the unpaid balance. What is the
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