For the following second mortgage application, calculate the percentage of appraised value and the potential credit:...
For the following second mortgage application,
calculate the percentage of appraised value and the potential
credit:
Appraised
Lender's
Percentage of
Balance of First
Potential
Value 215,300
Percentage75%
Appraised Value
Mortgage 116,900$
Credit
Homework Answers
| Percentage of appraised value = | Appraised value x lender’s percentage |
| $215,300 x 75% | |
| $161,475 | |
| The potential credit = | Percentage of appraised value – first mortgage balance |
| $161,475 - $116,900 | |
| $44,575 | |
Add Answer to:
For the following second mortgage application,
calculate the percentage of appraised value and the potential
credit:...
For the following second mortgage application, calculate the percentage of appraised value and the potential credit:...
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how
do I calculate mortgage payable?
Sav Homework: chapter 1 Score: 0 of 1 pt 8 of 14 (7 complete HW Score: 50%, 7 of 14 Question 8, S12-2 (similar to) Question Help Ela Company purchased a building with a market value of $305,000 and land with a market value of $25,000 on January 1, 2018. Ella Company paid $15,000 cash and signed a 15-year, 12% mortgage payable for the balance. Requirements 1. Journalize the January 1, 2018, purchase. 2....
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