SOLUTION: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $133,083. If their bank is willing to loan up to 80% of the appraise

Question 1173151: Ransford and Alda Mariano own a home recently appraised for $422,500. The balance on their existing mortgage is $133,083. If their bank is willing to loan up to 80% of the appraised value, what is the amount of credit available to them (in $)?
I did $422,500 x .80 = 338,000
then 338,000 - 133,083 = 337,866.92
answer was wrong. is there a step I missed on this one?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
338000-133083=$204,917
You subtracted 1/1000th of the balance
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