Chapter 14.II, Problem 18RE

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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

To determine

**To calculate:** The amount of credit available to Ransford and Alda, if they own a home appraised for

Explanation

**Given Information:**

Ransford and Alda own a home appraised for

**Formula used:**

Steps to calculate the potential amount of credit:

Step 1: Compute the percentage of appraised value;

Step 2: Compute the potential amount of credit available;

**Calculation:**

Ransford and Alda own a home appraised for

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