Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,083. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)?
Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,083. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)?
Chapter3: Income Sources
Section: Chapter Questions
Problem 57P
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Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $113,083. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)?
$
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