The percentage of appraised value and the potential credit if the appraised value is $114,500 and lender’s percentage is 65% and the balance of first mortgage is $77,900.

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1: Neil Mitchell earns $11/hour. During the most recent week, he received a discretionary bonus of $7,200 and worked 43 hours. Gross Pay: $ 7,689.50 2: Francine Palmer earns $7.90/hour. During the most recent week, she received a nondiscretionary bonus of $2,450 and worked 45 hours. Gross Pay: $ 2,825.25 3: Martin Green earns $11.10/hour. During the most recent week, he received a nondiscretionary bonus of $1,360 and worked 51 hours. Gross Pay: $ 1,987.15 4: Melvin Waxman earns $17.60/hour. During the most recent week, he received a nondiscretionary bonus of $440 and worked 56 hours. Gross Pay: $ 1,425.60

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Question

Chapter 14, Problem 6AT

To determine

To calculate: The percentage of appraised value and the potential credit if the appraised value is $114,500 and lender’s percentage is 65% and the balance of first mortgage is $77,900.

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1: Neil Mitchell earns $11/hour. During the most recent week, he received a discretionary bonus of $7,200 and worked 43 hours. Gross Pay: $ 7,689.50 2: Francine Palmer earns $7.90/hour. During the most recent week, she received a nondiscretionary bonus of $2,450 and worked 45 hours. Gross Pay: $ 2,825.25 3: Martin Green earns $11.10/hour. During the most recent week, he received a nondiscretionary bonus of $1,360 and worked 51 hours. Gross Pay: $ 1,987.15 4: Melvin Waxman earns $17.60/hour. During the most recent week, he received a nondiscretionary bonus of $440 and worked 56 hours. Gross Pay: $ 1,425.60

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