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A few years ago, Michael Tucker purchased a home for $119000. Today the home is worth...

A few years ago, Michael Tucker purchased a home for $119000. Today the home is worth $166000. His remaining mortgage balance is $59000. Assuming Michael can borrow up to 74 percent of the market value of his home, what is the maximum amount he can borrow? Round your answer to the nearest whole number. Do not include the comma, period, and "$" sign in your response.

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Answer #1

The net market value of Michael Tucker's home is (166000 - 59000) = $107000

He can borrow 74% of this. So, the amount he can borrow is 107000 * 0.74 = 79180

Can you please upvote? Thank You :-)

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