Borrow money using the equity in their home for collateral

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Reference no: EM131508130

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 $77607. The home was financed by paying 20% down and signing a 15 year period. The net market value of the house is now $100000. After making their 144th payment they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they recieve?

(round to the nearest dollar)

Reference no: EM131508130

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