A loan company will loan up to 60% of the equity in a home. A family purchased
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A loan company will loan up to 60% of the equity in a home. A family purchased their home 8 years ago for $83,000. The home was financed by paying 20% down and signing a 30-year mortgage at 8.4% for the balance. Equal monthly payments were made to amortize the loan over the 30-year period. The market value of the house is now $95,000. After making the 96th payment, the family applied to the loan company for the maximum loan. How much (to the nearest dollar) will the family receive?
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College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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