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 11 years $66.462. The home was financed by paying 15% down and signing a 30-year mortgage at 8.1% on the unpaid balance Equal monthly payments were made to amortize the low the 30-year period The net market value of the house is now $100,000 After making their 132nd payment, they applied to the loan company for the maximum loan How much nearest dollar) will they receive? Amount of loan $(Round to the nearest dollar)

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 11 years $66.462. The home was financed by paying 15% down and signing a 30-year mortgage at 8.1% on the unpaid balance Equal monthly payments were made to amortize the low the 30-year period The net market value of the house is now $100,000 After making their 132nd payment, they applied to the loan company for the maximum loan How much nearest dollar) will they receive? Amount of loan $(Round to the nearest dollar)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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