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A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They purchased their home 12 years ago for $77607. The home was financed by paying 20% down and signing a 15 year period. The net market value of the house is now $100000. After making their 144th payment they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they recieve?

(round to the nearest dollar)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92316859

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