Contemporary Mathematics for Busin...
Solutions
Contemporary Mathematics for Busin...
Jonathan and Kimberly Schwartz live in a home to which they want to make major improvements. They plan to replace the existing heating and cooling system, remodel the kitchen, and add a room above the garage. To pay for this renovation, they plan to get a home equity line of credit. Their home currently appraises for $298,000. They owe $68,340 on the first mortgage. How much credit will their bank provide if the limit is
To calculate: The amount of credit provided to Jonathan and Kimberly by their bank if the limit is 75% of their home’s value if their current home appraises is $298,000 and they owe $68,340 on the first mortgage.
Given Information:
Given that Jonathan and Kimberly’s current home appraises is $298,000 and they owe $68,340 on the first mortgage.
Formula used:
The formula to calculate the percentage of appraised value by:
The formula to calculate the potential amount of credit available by:
Calculation:
Given that appraises value is
First mortgage debt is
Calculate the percentage of appraisal value by the formula
Chapter 14 Solutions
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STATISTICS F/BUSINESS+ECONOMICS-TEXT
