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
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-> 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
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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):
