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

question 78

Short Answer

For the following second mortgage application, calculate the percentage of appraised value and the potential credit: $$\begin{array} { l l l l l } \text { Appraised } & \text { Lender's } & \text { Percentage of } & \text { Balance of First } & \text { Potential } \\\text { Value } & \text { Percentage } & \underline { \text { Appraised Value } } & \underline { \text { Mortgage } } & \underline { \text { Credit } }\\\$150,000&70\%&&\$50,000&\end{array}$$

---

Definitions:

Accrues

To accumulate or receive benefits or penalties over time, often relating to finance or benefits.

Oligopoly

A market structure characterized by a small number of firms controlling a large majority of the market share and often engaging in strategic interactions.

Rogers Wireless

A major Canadian telecommunications and media company known for providing wireless communications services.

Bell Mobility

A Canadian telecommunications and wireless service provider that offers a range of mobile services, including voice, text, and data communications.