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A few years ago michael tucker purchased a home for 112000. today the home is worth 164000. His remaining mortgage balance is 51000. Assuming michael can borrow up to 68 percent of the market value of his home, what is the maximum amount he can borrow?

Answer :

Answer:

$60,410

Explanation:

The computation of the maximum borrowing amount is shown below:

= Home worth for today × borrowing percentage - remaining mortgage balance

= $164,000 × 68%  - $51,000

= $111,520 - $51,000

= $60,410

We simply take the difference between the borrowing amount and the remaining mortgage balance in order to find out the  maximum borrowing amount

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