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natka813 [3]
3 years ago
6

Calculating the Amount for a Home Equity Loan. A few years ago, Michael Tucker purchased a home for $100,000. Today the home is

worth $150,000. His remaining mortgage balance is $50,000. Assuming Michael can borrow up to 80% of the market value of his home, what is the maximum amount he can borrow?

Business
1 answer:
e-lub [12.9K]3 years ago
3 0

Answer:

The maximum amount that Michel can borrow is 70,000 dollars.

Explanation:

Please see attachment .

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