A few years ago, Michael purchased a home for $200,000. Today the home is worth $300,000. His
Question:
A few years ago, Michael purchased a home for $200,000.
Today the home is worth $300,000. His remaining mortgage balance is $100,000. Assuming Michael can borrow up to 80 percent of the market value of his home, what is the maximum amount he can borrow?
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Step by Step Answer:
First we need to calculate the equity in Michaels home Equity is the difference between the ...View the full answer
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