How 2 solve for potential amount of credit available for home equity loan?
Here is the problem: Ramon owns a home that was appraised for $ 132,600. The balance remaining on his existing mortgage is $ 43,260. Ramon’s credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that’s available to Ramon for a home equity loan?