Sheldon has a home valued at $108,000 and an outstanding mortgage of $70,000.If his lender is willing to provide a home equity loan of up to 80% of market value,how much could Sheldon borrow using a home equity loan?
A) $86,400
B) $80,000
C) $38,000
D) $30,400
E) $16,400

Question

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The Answer of Sheldon has a home valued at $108,000 and an outstanding mortgage of $70,000.If his lender is willing to provide a home equity loan of up to 80% of market value,how much could Sheldon borrow using a home equity loan?
A) $86,400
B) $80,000
C) $38,000
D) $30,400
E) $16,400

Sheldon Has a Home Valued at $108,000 and an Outstanding