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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 puchased their home 10 years ago for ?$68,913. The home was financed by paying 20?% down and signing a 15?-year mortgage at 8.7?% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15?-year period. The net market value of the house is now? $100,000. After making their 120th ?payment, they applied to the loan company for the maximum loan. How much? (to the nearest? dollar) will they? receive?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92425805

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