nesheet Summ...Pages-Enterprise Service Documents for Director S... Active Recru

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nesheet Summ...Pages-Enterprise Service Documents for Director S... Active Recruitments Ho...AIS.PosMaster0750-Alle PERSONAL FINANCIAL PLANNING sDiscussions Dropbox Quizzes Checklist Grades More Tools Resources ) Week 3 Homework 3 ork 3 k 3 9:00 Tenisha Foy: Attempt Question point aved A few years ago, Michael Tucker purchased a home for $122000. Today the home is worth $164000. His remaining mortgage balance is $56000. Assuming Michael can borrow up to 56 percent of the market value of his home, what is the maximum amount he can borrow? Round your answer to the nearest whole number. Do not include the ycomma, period, and "$" sign in your response. Your Answer ted

Explanation / Answer

Market value of the house=164000

He can borrow max 56% of house value=164000*56%=91840

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