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A couple wishes to borrow money using the equity in their home for collateral. A loan...

A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to​ 70% of their equity. They puchased their home 1313 years ago for ​$60 comma 63460,634. The home was financed by paying 1515​% down and signing a 1515​-year mortgage at 8.18.1​% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 1515​-year period. The net market value of the house is now​ $100,000. After making their 156156thth ​payment, they applied to the loan company for the maximum loan. How much​ (to the nearest​ dollar) will they​ receive?

math   Statistics-And-Probability   
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he have been given inot lnn company tooxs opto toy o equt these fose, ous fisst Step is to cacolate eguits eouity: assets-(iabitities The omount af (oan taren 13 yeaas ago:33 pescent of 689 6063u 50386.2 Tesm of the loom is Is yeass 03 180 EMISs Let us calcotate amount of each e 5033c. 오 ¥ o. 006758 (1.00675) 18c ( 1.00675) 180 CMn: 505536 since ,13 yeass oc dostn Ems have alokad been poi d Hence, the semoining tiobiities ase 505 336 5 120320-16 Giehave totar assets 100.000 and tia biuties 30320 .6 These Rose,epuity to0.00-00 16 69680 16 70 * 69680 16. 48村6-112. maximum lcan: 100

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