A few years ago, Simon Powell purchased a home for $110,000. Today, the home is worth $150,000.

Question:

A few years ago, Simon Powell purchased a home for $110,000. Today, the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming that Simon can borrow up to 80 percent of the market value, what is the maximum amount he can borrow?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Focus On Personal Finance

ISBN: 9780077861742

5th Edition

Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart

See More Books

Question Posted: Nov 20, 2018 12:07 PM

See More Questions

A few years ago, Misha Azim purchased a home for $100,000. Today, the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming that Misha can borrow up to 80 percent of the market...
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 percent of the market...
A few years ago, Brown Corp. purchased equipment for $20,000,000. Western uses straight-line depreciation for financial reporting and MACRS for tax purposes. At December 31, 2008, the carrying value...
Suppose the total cost in dollars of manufacturing q units is C(q) = 3q 2 + q + 500. a. Use marginal analysis to estimate the cost of manufacturing the 41st unit. b. Compute the actual cost of...
What are four primary ways in which firms create value through strategic alliances? Discuss.
If the mower blades in Exercise 16-4 were sold during the year for $ 265 each, determine the gross profit using the following methods: weighted-average-cost; first-in, first-out; and last-in,...
The W14 $\times 22$ column is fixed at its top and bottom. If a horizontal load (not shown) causes it to support end moments of $M=15 \mathrm{kip} \cdot \mathrm{ft}$, determine the maximum...
The Polishing Department of Estaban Manufacturing Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process. Production:...
FILA used new media and social media to help the sport of wrestling win its reinstatement in the Olympic Games. Along with new media, what traditional communication methods could an organization use...
The average grade on a quiz was 39.5/50 (79%). Assume that the distribution of grades is normally distributed, with a standard deviation of 1.5. a. What is the probability that the average grade is...
Vicky is trying to decide whether to finance her purchase of a used Mustang convertible. What questions should Vicky ask herself before making her decision?
1. What is perhaps the most important item shown on the disclosure statement? Explain why. 2. What is included in the finance charge? 3. What is the amount Sue will receive from the bank? 4. Should...
Bartlett Company, headquartered in Cincinnati, Ohio, has occasional transactions with companies in a foreign country whose currency is the lira. Prepare journal entries for the following transactions...
After administrating a survey, the data must be totaled, or quantified, in order to be useful. Putting the data into a table is often used to analyze the results. Produce a document with your answers...
3. If 60 g of propane is burned on a stove, what mass of CO will be released into the environment? State all your assumptions
For a single degree-of-freedom (SDOF) system with mass, damping, and stiffness, should the period (in sec) of the response in free vibration be computed based on the undamped natural frequency (wn)...
1. For feed media to a bioreactor, the dissolved oxygen concentration is proportional to that in the air surrounding the medium. The oxygen concentration will reach an equilibrium between the medium...
In the chemical equation A+ 3B -> 4C + 2D, how many molecules of C can form if 4 molecules of A react? 2. Balance the equation C8H18 + 02 -> H2O + CO2 3. 2Na(s) + Cl2(g) ~> 2NaCl (s) How many moles...
In the fall of 2005, the presidents tax reform commission issued a final report. The commission called for a general cut in marginal tax rates; lower tax rates on dividends, capital gains, and...
Nate prepares slides for his microscope. In 1 day he prepared 12 different slides. Which equation best represents y, the total number of slides Nate prepares in x days if he continues at this rate? A...
What is the present value interest factor for an annuity? What is the formula for determining the present value of an annuity when using the present value interest factor for an annuity table?
Define the terms nominal interest rate and effective interest rate. Why is it important to be able to distinguish between these two different rates? In questions 22 through 25, indicate whether you...
List three methods that can be used to solve time value of money problems.
what are some ways to build a great organizational culture so that people are content and productive in their work? How would you define a great organizational culture?
On December 3 1 , 2 0 2 3 , Cheyenne Ltd . has $ 3 1 4 3 0 0 0 in short - term notes payable due on February 1 4 , 2 0 2 4 . On January 1 0 , 2 0 2 4 , Cheyenne arranged a line of credit with Caldi...
The following information pertains to Mason Company for Year 2 . Beginning inventory 1 1 6 units @ $ 3 0 Units purchased 3 5 8 units @ $ 4 5 Ending inventory consisted of 4 2 units. Mason sold 4 3 2...

A few years ago, Simon Powell purchased a home for $110,000. Today, the home is worth $150,000.

Question:

Step by Step Answer:

Present market value of Simons home 15000...View the full answer

Focus On Personal Finance

Students also viewed these Business questions