Question: The Lathrop family needs some extra funds to put their
The Lathrop family needs some extra funds to put their two children through college starting this coming fall and to buy a new computer system for a part-time home business. They are not sure of the current market value of their home, though comparable four-bedroom homes are selling for about $395,000 in the neighborhood. The Monarch University Credit Union will loan 75 percent of the property’s appraised value, but the Lathrops still owe $235,000 on their home mortgage and a home improvement loan combined. What maximum amount of credit is available to this family should it elect to seek a home equity credit line?
Answer to relevant QuestionsSan Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion of this problem.The ...Jane Zahrley’s request for a five-year automobile loan for $39,000 has been approved. Reston Bank will require equal monthly installment payments for 60 months. The bank tells Jane that she must pay a total of $5,500 in ...What factors seem to motivate most mergers?Under the following scenarios, calculate the merger premium and the exchange ratio:a. The acquired financial firm’s stock is selling in the market today at $14 per share, while the acquiring institution's stock is trading ...What were the key provisions of the U.S International Banking Act of 1978 and the International Lending and Supervision Act of 1983?
Post your question