Isaiah and Allison Burton have a home with an appraised value of $180,000 and a mortgage balance
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Isaiah and Allison Burton have a home with an appraised value of $180,000 and a mortgage balance of only $90,000. Given that an S&L is willing to lend money at a loan to-value ratio of 75 percent, how big of a home equity credit line can Isaiah and Allison obtain? How much, if any, of this line would qualify as tax deductible interest if their house originally cost $100,000?
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Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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