The family applied to the loan company for maximum loan

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A loan company will loan up to 60% of the equity in a home. A family purchased their home 8 years ago for $83,000. The home was financed by paying 20% down and signing a 30-year mortgage at 8.4% for the balance. Equal monthly payments were made to amortize the loan over the 30-year period. The market value of the house is now $95,000. After making the 96th payment, the family applied to the loan company for the maximum loan. How much (to the nearest dollar) will the family receive?

Reference no: EM13826086

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The family applied to the loan company for maximum loan : A loan company will loan up to 60% of the equity in a home. A family purchased their home 8 years ago for $83,000. The home was financed by paying 20% down and signing a 30-year mortgage at 8.4% for the balance. The market value of the house is now $..

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