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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 65
Calculate the housing expense ratio and the total obligations ratio for the following mortgage applications.
Michelle Heaster is thinking about building an addition on her home. The house was recently appraised at $154,000, and the balance on her existing first mortgage is $88,600. If Michelle's bank is willing to loan 70% of the appraised value, does she have enough equity in the house to finance a $25,000 addition?
Michelle Heaster is thinking about building an addition on her home. The house was recently appraised at $154,000, and the balance on her existing first mortgage is $88,600. If Michelle's bank is willing to loan 70% of the appraised value, does she have enough equity in the house to finance a $25,000 addition?
Explanation
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Verified
Consider appraise value is
, lender pe...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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