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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

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 Value Lender’s Percentage Percentage of Appraised Value Balance of First Mortgage Potential Credit
$51,500 80% _________ $27,400 ________

To determine

To calculate: The percentage of appraised value and the potential credit when appraised value is $ 51500, lender’s percentage is 80 % and balance of first mortgage is $27400 .

Explanation

Given Information:

The appraised value is $ 51500, lender’s percentage is 80 % and balance of first mortgage is $27400 .

Formula used:

The formula for the percentage of average value is

Percentage of appraised value=Appraised value×Lender's percentage

Potential Credit is given by

Potential Credit=Percentage of appraised valueBalance of first mortgage

Calculation:

Consider the provided values,

Appraised Value=$51500Lender's Percentage=80%Balance of first mortgage=$27400

As, Percentage of appraised value=Appraised value×Lender's percentage

To calculate percentage of appraised va

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