SOLUTION: 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 11 years ago f

Algebra ->  Finance -> SOLUTION: 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 11 years ago f      Log On


   

Question 1189734: 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 11 years ago for ​$79609. The home was financed by paying 20​% down and signing a ​-year mortgage at ​9.3% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30​-year period. The net market value of the house is now​ $100,000. After making their 132 ​payment, they applied to the loan company for the maximum loan. How much​ (to the nearest​ dollar) will they​ receive?
Amount of loan:$
I am really struggling to understand this problem. I appreciate all your help!
Answer by ikleyn(52786) About Me  (Show Source):
You can put this solution on YOUR website!
.

At this forum,  we do teach  Math.


At this forum,  we do not teach  Finance and do not consult in  Finance.


Have a nice day / nigh / morning / afternoon / tea time / evening  ( ! )