Question

Please fill in the blanks

Drop down options for fill in blanks:

1. Checking account, debit card, OR student loan

2. between 500 and 1000 OR without any dollar limitation

3. only for emergencies OR whenever its convenient

4. living beyond your means OR managing your cash wisely

5. when you decide to write a check for them OR based on a regular disbursement schedule

6. requires OR doesn't require

7. for $25,000 or more OR with no dollar limitation

8. once a month, once a year, OR when you have spare money

9. size of your home OR equity in your home

10. less OR more

11. decrease OR increase

12. do OR do not

13. secured with an additional mortgage on your house OR unsecured

There are no drop down options for the fill in the blank dollar amounts

8. Revolving lines of credit Aa Aa E Revolving lines of credit generally do not involve the use of credit cards and often offer borrowers more credit at lower interest rates than credit cards. Borrowers use checks to pay their bills, purchase goods and services, or even to take cash advances. Banks, brokerage houses, and other financial institutions offer open account credit to qualified borrowers. Revolving Credit Lines Overdraft protection is linked to your checking account in case you overdraw your account. It draws on a line of credit that is usually established for between $500 and $1,000 You should use your overdraft provision only for emergencies Frequent use of your overdraft provision can signal that you're living beyond your means . You receive funds from an unsecured personal line of credit Securing this type of line of credit going through the formality of setting up a new loan. It draws on a line of credit that can be . Remember, even though acquiring the funds is as simple as writing a check, the funds still represent a loan. Payments are usually structured to be due Home equity lines of credit enable you to acquire cash based on the . The majority of lenders extend home equity lines of credit based on either 100% of your equity or some portion, usually 75% to 80% of your home's market value, whichever is If you have an existing mortgage on your home, most lenders will your maximum line of credit by the outstanding balance of that mortgage. Today your home is worth $250,000. The balance you owe on your mortgage is $20,000. Your equity is $ L . You have to sell your home in order to gain access to your equity. According to your lending institution's policy, the maximum home equity line of credit is 80% of your home's worth. Eighty percent of your home's worth is $ . Your lending institution follows the practice of most lenders as described in the previous paragraph. Your line of credit will be $ . This line of credit is considered a loan that will

Answer 1

1. Checking Account

2. between 500 and 1000

3. Only for emergencies

4. Living beyond your means

5. based on a regular disbursement schedule

6. requires

7. for $25,000 or more

8. once a month, once a year

9. equity in your home

10. More

11. decrease

12. do not

13. secured with an additional mortgage on your house

For the blanks in dollar amount

The answer are provide below

1. Home equity will be $230000 (Home worth $250000 - mortagage $20000

2. 80% of home woth will be =$250000*0.80

=$200000

3. Line of credit will bw $230000

As the amount of equity is higher than 80% of it's worth. so, lender will lend maximum amount that is $230000.