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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 55
Calculate the housing expense ratio and the total obligations ratio for the following mortgage applications.
The Barclays own a home that was recently appraised for $219,000. The balance on their existing first mortgage is $143,250. If their bank is willing to loan up to 65% of the appraised value, what is the potential amount of credit available to the Barclays on a home equity loan?
The Barclays own a home that was recently appraised for $219,000. The balance on their existing first mortgage is $143,250. If their bank is willing to loan up to 65% of the appraised value, what is the potential amount of credit available to the Barclays on a home equity loan?
Explanation
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Consider appraise value is
, lender pe...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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