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

Question

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] · Answer 1 · 2021-12-10T21:24:23+03:00

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 .