Value of the house = $100,000
Amount owed = $60,000
Bank requirement is 90%
Therefore, the biggest home equity line of credit they can get is
= ($100,000 - $60,000) * 90%
= $40,000 * 90/100
=$36000
Home Equity Line Of Credit or HELOC is a variable-rate loan which allows to borrow a part of the pre-approved amount offered by the bank. This loan works similar to how a credit card works.
Similar to a home loan, the houses serve as collateral and repayment will include principal and interest. The repaid amount can be re-borrowed like a credit card.
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It helps an organization because that is their rules and regulations and standards that employers have to follow. An example of how the manual can help an organization is if you purchase something and the policy says you have 30 days to return it and you return it 31 days later they will not be able to take it because that is one of their rules.
<span>with an exchange rate of 11 pesos per dollar, the hotel stay will cost $636.36</span>
Answer:
$6,000
Explanation:
Data provided
Beginning credit balance = $26,000
Net loss = $12,000
Paid dividends = $8,000
The calculation of Retained Earnings account is given below:-
Retained Earnings = Beginning balance - Net loss - Dividend
= $26,000 - $12,000 - $8,000
= $26,000 - $20,000
= $6,000
So, for computing the retained earning we simply applied the above formula.
If the bank notifies the company of a deposited customer check that was returned NSF, the company would have to Debit Accounts Receivable and Credit cash.
<h3>What happens when a check is returned NSF?</h3>
This means that the check did not clear and so the depositor still owes the company the amount they had written on the check.
The company would then have to debit Receivables to show that the person still owes them, and credit cash to show the cash never reported.
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