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A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 9 years ago for $63,955. The home was financed by paying 20% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net market value of the house is now $100,000. After making their 108th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Amount of loan: (Round to the nearest dollar.) SITE

A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 9 years ago for $63,955. The home was financed by paying 20% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net market value of the house is now $100,000. After making their 108th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Amount of loan: (Round to the nearest dollar.) SITE

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 9 years ago for $63,955. The home was financed by paying 20% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net market value of the house is now $100,000. After making their 108th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Amount of loan: (Round to the nearest dollar.) STE
Transcribed Image Text:A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 9 years ago for $63,955. The home was financed by paying 20% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net market value of the house is now $100,000. After making their 108th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Amount of loan: (Round to the nearest dollar.) STE
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