A few years ago Mary purchased a home for $100,000. Today the home is worth $150,000. The remaining balance on the mortgage is $50,000
If Mary can borrow up to 80% of the market value of the equity, the maximum amount she can borrow is
A) $80,000.
B) $70,000.
C) $100,000.
D) $50,000.
Answer: A
Explanation: A) $150,000 - $50,000 = $100,000 × 80% = $80,000
You might also like to view...
Increase in trialability of an innovation is positively related to its success
Indicate whether the statement is true or false
Faith is a big fan of a popular musical group, so she created a place for other fans to communicate with each other online. Faith created a ________
A) forum B) microblog C) blog D) social network E) microsite
Consumers can recover from violators of antitrust laws, but only if they dealt directly with the
violator. Indicate whether the statement is true or false
The physical distribution concept focuses on lower costs and better service to increase customer value.
Answer the following statement true (T) or false (F)