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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 Lender's Percentage of Balance of Potential
Value Percentage Appraised Value First Mortgage Credit
$324,600 75% ________ $197,500_________________

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 $324600, 75% and $197500 respectively.

Explanation

Given information:

The appraised value, lender’s percentage and balance of first mortgage is $324600, 75% and $197500 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 $324600, 75% and $197500 respectively

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