Chapter 14, Problem 6AT

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

For the following second mortgage applications, calculate the percentage of appraised value and the potential credit.

Appraised |
Lender's |
Percentage of |
Balance of First |
Potential |
||||

Value |
Percentage |
Appraised Value |
Mortgage |
Credit |
||||

$114,500 | 65% | $77,900 |

_____

To determine

**To calculate:** The percentage of appraised value and the potential credit if the appraised value is $114,500 and lender’s percentage is 65% and the balance of first mortgage is $77,900.

Explanation

**Given Information:**

The appraised value is $114,500 and lender’s percentage is 65% and the balance of first mortgage is $77,900 in the second mortgage applications.

**Formula used:**

The formulas used for calculation is listed below:

Step1:

Step2:

**Calculation:**

Here, the appraised value is $114,500 and lender’s percentage is 65% and the balance of first mortgage is $77,900 in the second mortgage applications.

Since, home equity loan is the kind of single mortgage loan based on the available equity in home and credit limit is the specific amount of credit which the borrower has been approved at any particular point of time

Sect-14.I P-1TIESect-14.I P-2TIESect-14.I P-3TIESect-14.I P-4TIESect-14.I P-5TIESect-14.I P-1RESect-14.I P-2RESect-14.I P-3RESect-14.I P-4RESect-14.I P-5RE

Sect-14.I P-6RESect-14.I P-7RESect-14.I P-8RESect-14.I P-9RESect-14.I P-10RESect-14.I P-11RESect-14.I P-12RESect-14.I P-13RESect-14.I P-14RESect-14.I P-15RESect-14.I P-16RESect-14.I P-17RESect-14.I P-18RESect-14.I P-19RESect-14.I P-20RESect-14.I P-21RESect-14.I P-22RESect-14.II P-6TIESect-14.II P-7TIESect-14.II P-1RESect-14.II P-2RESect-14.II P-3RESect-14.II P-4RESect-14.II P-5RESect-14.II P-6RESect-14.II P-7RESect-14.II P-8RESect-14.II P-9RESect-14.II P-10RESect-14.II P-11RESect-14.II P-12RESect-14.II P-13RESect-14.II P-14RESect-14.II P-15RESect-14.II P-16RESect-14.II P-17RESect-14.II P-18RESect-14.II P-19RESect-14.II P-20RESect-14.II P-21RESect-14.II P-22RECh-14 P-1CRCh-14 P-2CRCh-14 P-3CRCh-14 P-4CRCh-14 P-5CRCh-14 P-6CRCh-14 P-7CRCh-14 P-8CRCh-14 P-9CRCh-14 P-10CRCh-14 P-11CRCh-14 P-12CRCh-14 P-13CRCh-14 P-14CRCh-14 P-1ATCh-14 P-2ATCh-14 P-3ATCh-14 P-4ATCh-14 P-5ATCh-14 P-6ATCh-14 P-7ATCh-14 P-8ATCh-14 P-9ATCh-14 P-10ATCh-14 P-11ATCh-14 P-12ATCh-14 P-13ATCh-14 P-14ATCh-14 P-15ATCh-14 P-16ATCh-14 P-17ATCh-14 P-18ATCh-14 P-19ATCh-14 P-20ATCh-14 P-21ATCh-14 P-22AT

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