You own a home that was recently appraised for $310,000. The balance on your existing mortgage is $125,350. If your bank is willing to loan up to 70% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan? Need Help? Read It Watch It Master It

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 19E
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You own a home that was recently appraised for $310,000. The balance on your existing mortgage is $125,350. If your bank is willing to loan up to 70% of the
appraised value, what is the potential amount (in $) of credit available on a home equity loan?
Need Help?
Read It
Watch It
Master It
Transcribed Image Text:You own a home that was recently appraised for $310,000. The balance on your existing mortgage is $125,350. If your bank is willing to loan up to 70% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan? Need Help? Read It Watch It Master It
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