A couple wishes to borrow money using the equity in their


Question: A couple wishes to borrow money using the equity in their homo for collators! A loan company wilt loan them up to 70% of their equity They purchased their home 12 years ago for $77, 069. The home was financed by paying 15% down and signing a 30-yoar mortgage at 8.1% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-yonr period. The not market value of the house is now $100,000. After making the 144th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Amount of loan: $ (Round to the nearest dollar.)

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Finance Basics: A couple wishes to borrow money using the equity in their
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