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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 50
Calculate the housing expense ratio and the total obligations ratio for the following mortgage applications.
Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $324,600. The balance on their existing first mortgage is $145,920. If their bank is willing to loan up to 75% of the appraised value, what is the amount of credit available to the Bradys on a home equity line of credit?
Ronald and Samantha Brady recently had their condominium in Port Isaac appraised for $324,600. The balance on their existing first mortgage is $145,920. If their bank is willing to loan up to 75% of the appraised value, what is the amount of credit available to the Bradys on a home equity line of credit?
Explanation
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Consider appraised value is
, lender p...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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