Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

Exercise 58

The Randolphs own a home that recently appraised for $161,400. The balance on their existing first mortgage is $115,200. If their bank is willing to loan up to 70% of the appraised value, what is the amount of credit available to the Randolphs on a home equity line of credit