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 purchased their home 10 years ago for $ 72,844. The home was financed by paying 15% down and signing a 15 year mortgage at 9.6% 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 120th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive?
Urgent help needed please.
- Thread starter lucky090
- Start date
. I would really appreciate your help.