   Chapter 14.II, Problem 3RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### 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 Lender's Percentage of Balance of Potential Value Percentage Appraised Value First Mortgage Credit $141,200 80% ________$99,100___________

To determine

To calculate: The percentage of appraised value and the potential amount of credit available if appraised value, lender’s percentage and balance of first mortgage is $141200, 80% and$99100 respectively.

Explanation

Given information:

The appraised value, lender’s percentage and balance of first mortgage is $141200, 80% and$99100 respectively.

Formula used:

The percentage of appraised value is obtained as:

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

The potential amount of credit available is obtained as:

Potential credit=Percentage of appraised valueFirst mortgage balance

Calculation:

Consider the provided information is,

The appraised value, lender’s percentage and balance of first mortgage is $141200, 80% and$99100 respectively

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