David and joan mead have a home with an appraised value of

Reference no: EM13617760

David and Joan Mead have a home with an appraised value of $180,000 and a mortgage balance of only $90,000. Given that an S&L is wiling to lend money at a loan-to-value ratio of 75 percent, how big a home equity credit line can David and Joan obtain? How much, if any, of this line would qualify as tax-deductible interest if their house originally cost $200,000?

Reference no: EM13617760

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