Couple wishes to borrow money using the equity

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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 9 years ago for $62,968. The home was financed by paying 10% down and signing a 30-year mortgage at 9% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30 year period. The net market value of the house is now $100,000. After making their 108th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive?

Reference no: EM131976732

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