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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
First we need to calculate the equity in Michaels home Equity is the difference between the ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Personal Finance
ISBN: 9781264101597
14th Edition
Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart
Question Posted:
Students also viewed these Business questions
-
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, 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, Simon Powell purchased a home for $220,000. Today, the home is Problems worth $300,000. His remaining mortgage balance is $100,000. Assuming that Simon can borrow up to 80 percent of...
-
After graduation, you begin your new job. Naturally, you're already thinking about retirement. You estimate you'll need $2 million to comfortably stop working, 40 years from now. If market returns...
-
Presented below are three independent situations. Answer the question at the end of each situation. 1. During 2008, Salt-n-Pepa Inc. became involved in a tax dispute with the IRS. Salt-n-Pepas...
-
Some businesses have succeeded with a unique social structure that pulls staff together into collective activities. The cooperative structure has roots in countries that organise their societies on...
-
The deviation from ideal gas behaviour can be accounted for by a correction factor called the (a) Acentric factor (b) Solubility factor (c) Compressibility factor (d) None of these.
-
I-mart is a discount optical shop that can fill most prescription orders in around 1 hour. The management is analyzing the processes at the store. There currently is one person assigned to each task...
-
Carla Vista's Shingle Corporation is considering the purchase of a new automated shingle-cutting machine. The new machine will reduce variable labor costs but will increase depreciation expense....
-
Our client, Mathew Banks, was arrested last night by the Phoenix Police Department. The police found Mr. Banks' car pulled over on the side of the highway with him asleep or passed out inside. The...
-
Are you interested in a career that protects consumers from credit card scammers and to ensure that Federal Consumer Protection Laws are obeyed? Then you may want to explore the Consumer Financial...
-
The current approximate value of Joshuas home is about $260,000. He still has a $150,000 balance on his mortgage. His bank has agreed to let him borrow 80 percent of the value of his home. What is...
-
Assume that $1000 was contributed at the beginning of the year into an RESP plan for 10 years. a. If the rate of interest was 4% per annum compounded annually for the first 5 years, and 5.2%...
-
Drawing on Albrecht, explain how social capital and natural disaster are connected. Drawing on Islam, how is sociological theory helpful for understanding environmental issues? Describe some ways...
-
Where and how have teamwork skills been taught or emphasized to you? in school? in social groups? in professional groups? in your family? Describe two or three instances where teamwork skills were...
-
Now given the lask of transporting tax millet is distributed among four counties. County A. 8 days from the tax , 10000 househd Cur S O days from l: tureau, ha 100 househoids, non e days from The...
-
What is marketing management ? Explain the marketing strategy and plan.
-
PART II. PROBLEM SOLVING Direction: Read and analyze the problem/case and answer the question/s or requirement stated. .(2 X5=10 marks) Q1. Assume that the Canadian dollar appreciates from US$0.65 at...
-
According to Nielsen Media Research, approximately 52% of all U.S. households have digital cable television. In addition, 84% of all U.S. households have multiple TV sets. Suppose 45% of all U.S....
-
Create a data model for one of the processes in the end-of-chapter Exercises for Chapter 4. Explain how you would balance the data model and process model.
-
What is meant by managing risk, and how is the beta concept used in this effort?
-
Explain dollar cost averaging and why it may be helpful for certain investors. What is a dividend reinvestment plan, and what advantage does it offer? Also briefly explain several other routine...
-
Explain a market-timing strategy, comparing it with a buy-and-hold strategy.
-
Assume you have forecast a firm's free cash flows (FCFS) in the first three years (see the below table). You believe that the firm's annual FCF will declines at a rate of 2% in perpetuity after Year...
-
Red Zone Corporation recently purchased a new machine for $339,013.20. The new equipment has a useful life of 10 years. Net cash flows will be $60,000 per year, end of year payments. What is the...
-
1. What are the business practices of failed mergers and acquisitions in the beverage industry in line with the significant money wastage and the new regulations? 2. What are the general and specific...
Study smarter with the SolutionInn App