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A couple wishes to borrow money using the equity in their home for collateral. A loan...
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 11 years ago for $68,108. The home was financed by paying 15% down and signing a 30-year mortgage at 9.3% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000. After making their 132nd payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive?
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