Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. A home was recently appraised for $150,000, and the balance on the existing mortgage is $75,350. If a bank is willing to loan up to 80% of the appraised value, calculate the potential amount of credit available on a home equity loan.

Question

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The Answer of Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. A home was recently appraised for $150,000, and the balance on the existing mortgage is $75,350. If a bank is willing to loan up to 80% of the appraised value, calculate the potential amount of credit available on a home equity loan.

Narrative 14-2 For Problems in This Section, Use Table 14-1 from Your