Amy agreed to a contract price of $100,000 for a home and secured a mortgage loan for $80,000. If the appraised value is $110,00
1 answer:
Answer:
loan to value = 80%
Explanation:
given data
contract price = $100,000
mortgage loan = $80,000
appraised value = $110,000
solution
we get here loan to value ratio that is
loan to value = .................1
here lender use less of contract price or appraised value
so put here value in equation 1 we get
loan to value =
loan to value = 0.80
loan to value = 80%
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Money Lenny will get = $725,000.
Subtract the tax to find the money Lenny will get.
35% of 725,000 = $253,750.
Therefore, Lenny will generate $471,250 after-tax cash.
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