3 A loan company will loan up to 60 of the equity in a hom A

Last updated: 3/18/2023

3 A loan company will loan up to 60 of the equity in a hom A family purchased their home 8 years ago for 135 000 The home was financed by paying 20 down and signing a 30 year mortgage at 6 5 for the balance The market value of the house is now 150 000 After making the 96th payment the family applied to the loan company for the maximum loan a What is the monthly mortgage payment b How much will the family owe after making the 96th payment c How much will the family receive to the nearest dollar