For the Following Second Mortgage Application, Calculate the Percentage of Appraised

question 50

Short Answer

For the following second mortgage application, calculate the percentage of appraised value and the potential credit: $$\begin{array} { l l l l l } \text { Appraised } & \text { Lender's } & \text { Percentage of } & \text { Balance of First } & \text { Potential } \\\text { Value } & \text { Percentage } & \underline { \text { Appraised Value } } & \underline { \text { Mortgage } } & \underline { \text { Credit } }\\\$120,600&60\%&&\$40,300&\end{array}$$

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