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. Luis Pascal is planning a $45,000 addition to his home. The home was appraised at $275,000 and the balance on his existing first mortgage is $118,000. Luis's bank is willing to lend 80% of the appraised value. What is the potential amount of credit available to Luis on a home equity line of credit?

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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. Luis Pascal is planning a $45,000 addition to his home. The home was appraised at $275,000 and the balance on his existing first mortgage is $118,000. Luis's bank is willing to lend 80% of the appraised value. What is the potential amount of credit available to Luis on a home equity line of credit?

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