A few years ago, Simon Powell purchased a home for $155,000. Today, the home is worth $260,000. His remaining mortgage balance is $105,000. Assuming that Simon can borrow up to 70 percent of the market value, what is the maximum amount he can currently borrow against his home?

$77,000

Explanation:

In this scenario the present value of Simon's home is $250,000. It appreciated from purchase price of $155,000

Simon is allowed to borrow 70% of the market value.

Percentage of present value= 0.7 * 260,000

Percentage of present value= $182,000

But he has a mortgage balance of $105,000. This amount will be deducted from $182,000 to give the amount he can borrow

Amount he can borrow= 182,000- 105,000 = $77,000

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

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