home for collateral. A loan company mortgage at 8.4% on the unpaid will loan them up to 70% of their equity. They puchased balance Equal monthly payments for the maximum loan. were made A couple wishes to borrow money using the equity in their home was financed by paying 10% down and signing a 15-year market value of the house is now $100,000. After making their 156th payment, they applied to the loan company their home 13 years ago for $61,752. The to amortize the loan over the 15-year period The net much to the nearest dollar) will they receive? How
home for collateral. A loan company mortgage at 8.4% on the unpaid will loan them up to 70% of their equity. They puchased balance Equal monthly payments for the maximum loan. were made A couple wishes to borrow money using the equity in their home was financed by paying 10% down and signing a 15-year market value of the house is now $100,000. After making their 156th payment, they applied to the loan company their home 13 years ago for $61,752. The to amortize the loan over the 15-year period The net much to the nearest dollar) will they receive? How
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Question
![A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 13 years ago for $61,752. The
home was financed by paying 10% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net
market value of the house is now $100,000, After making their 156th payment, they applied to the loan company for the maximum loan. How much (to the nearest dolar) will they receive?
Amount of loan: $(Round to the nearest dollar)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3aebd2d6-67f4-4b30-ae61-f07eedae63aa%2F31fbec3d-1b25-4c6c-8dfd-501c60c92440%2Fb6dwho_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 13 years ago for $61,752. The
home was financed by paying 10% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net
market value of the house is now $100,000, After making their 156th payment, they applied to the loan company for the maximum loan. How much (to the nearest dolar) will they receive?
Amount of loan: $(Round to the nearest dollar)
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