Chapter 14, Problem 7AT

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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 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

Explanation

**Given Information:**

The appraised value is

**Formula used:**

The formula for the percentage of average value is

Potential Credit is given by

**Calculation:**

Consider the provided values,

As,

To calculate percentage of appraised va

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