A couple wishes to borrow money using the equity in their

Assignment Help Basic Statistics

Reference no: EM13603863

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 12 years ago for $77,444. The home was financed by paying 15% down and signing a 30- year mortgage at 9.3% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The next market value of the house is now $100,000. After making their 144th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive?

Amount of Loan= ___________

Reference no: EM13603863

Questions Cloud

The ceo of a software company is committed to expanding the : the ceo of a software company is committed to expanding the proportion of highly qualified women in the organizations

The specific internal energy in kjkg at the initial state : 20 kg of water at 200 kpa with a quality 25 is heated under a constant volume process until its pressure reaches 400

The long term liability section of twin digital : the long term liability section of twin digital corporations balance sheet as of december 31 2010 included 12 bonds

A newly proposed device for generating electricity from the : a newly proposed device for generating electricity from the sun is a heat engine in which the hot reservoir is created

A couple wishes to borrow money using the equity in their : a couple wishes to borrow money using the equity in their home for collateral. a loan company will loan them up to 70

A discrete random variable x can assume 5 possible values 2 : a discrete random variable x can assume 5 possible values 2 4 6 7 and 9. its probability distribution is shown

Assume the room temperature is 20degc a what is the highest : a physics professor demonstrates the doppler effect by tying a 550 hz sound generator to a 1.0-m-long rope and whirling

If the elevator can accelerate at 08 fts2 decelerate at 04 : a car is to be hoisted by elevator to the fourth floor of a parking garage which is 48 ft above the ground. if the

The long term liability section of twin digital : the long term liability section of twin digital corporations balance sheet as of december 31 2010 included 12 bonds

User Account

All Pages