Credit limit mary and marty are interested in obtaining a, Ask an Expert

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Credit Limit. Mary and Marty are interested in obtaining a home equity loan. They purchased their house five years ago for $166,000?, and it now has a market value of $207,323. Originally, Mary and Marty paid $33,702 down on the house and took out a $132,298 mortgage. The current balance on their mortgage is $123,449. The bank uses 75?% of equity in determining the credit limit. What will their credit limit be if the bank bases their credit limit on equity invested and will loan them 75?% of the? equity?

If the bank bases their credit limit on equity invested and will loan them 75?% of the? equity, their credit limit will be:

?$.(Round to the nearest? dollar.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92830197

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