A family purchased their apartment 8 years ago for $120,000. The home was financed by paying 20% downpayment and signing a 30-year mortgage (adjustable rate mortgage) at 6.0% per year compounded monthly on the unpaid balance. Equal monthly payments were made to amortize the loan over a 30-year period. The family needs to borrow some $40,000 and they are considering borrow a home equity loan. What is the mortgage balance after 8 years (i.e. now)? (6 points)
Value of the apartment is now $145,000 and the family can borrow a home equity loan of up to 70% of the equity of the apartment. What is the maximum amount the family can borrow? (4 points) A financial advisor suggests the family to refinance the apartment instead. That is, repay the current mortgage and apply for a new mortgage. Do you agree with the advice? Why? What will you propose otherwise? (10 points)
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