Required: Show working for liabilities computed above. The current value of the residence is $550,000. The balance

 Required:

                   Show working for liabilities computed above.

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The current value of the residence is $550,000. The balance of the 30-year mortgage at 5.5% is $260,514. The land value is $150,000. The monthly payment is $1,703.37 and they have owned it for 8 years. They will not qualify for refinancing until Mr. Young has been employed for 12 months. The current value of the residence is $550,000. The balance of the 30-year mortgage at 5.5% is $260,514. The land value is $150,000. The monthly payment is $1,703.37 and they have owned it for 8 years. They will not qualify for refinancing until Mr. Young has been employed for 12 months.

Answer rating: 100% (QA)

Solution The mortgage balance ie the principal amount of the mortgage remaining is 260514 t... View the full answer