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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

Ransford and Alda Mariano own a home recently appraised for $418,500. The balance on their existing mortgage is $123,872. If their bank is willing to loan up to 80 % of the appraised value, what is the amount of credit available to them?

To determine

To calculate: The amount of credit available to Ransford and Alda, if they own a home appraised for $418,500 balance on their loan is $123,872 and the percentage of loan the bank is willing to pay is 80% of the appraised value.

Explanation

Given Information:

Ransford and Alda own a home appraised for $418,500 balance on their loan is $123,872 and the percentage of loan the bank is willing to pay is 80% of the appraised value.

Formula used:

Steps to calculate the potential amount of credit:

Step 1: Compute the percentage of appraised value;

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

Step 2: Compute the potential amount of credit available;

Potential credit= Percentage of appraised value  First mortgage balance

Calculation:

Ransford and Alda own a home appraised for $418,500 and the bank is willing for loan up is 80% of the appraisal. And, the balance on their loan is $123,872

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