Question

this is a 2 question problem. please help. i've been stressing out about it, trying to solve it.

1) robby wants a secured loan to start his own business. robby will use his house as collateral. the bank will loan robby 56.4% of his house's equity. robby's house is worth $367 685. he owes $108 653 on it. what is the equity in robby's house?

2) robby wants a secured loan to start his own business. robby will use his house as collateral. the bank will loan robby 56.4% of his house's equity. robby's house is worth $367 685. he owes $108 653 on it. what is 56.4% of the equity in robby's house?

Answer 1

the equity is the value less any debts. So, it is

367685-108653 = $259,032

Surely you can figure out 56.4% of that number.

Answer 2

Is 367685-108653 = $259,032 part of question 1? That's all I do? What would I do with the 56.4% after that?

Answer 3

Why are you using my name?

Answer 4

Both of you -- Jackson and Devon -- stop playing your silly game.

Answer 5

Fine fine is 367685-108653 = $259,032 part of question 1? How would I figure out 56.4% of that?

Answer 6

I think you would take your final answer and divide? I might be wrong tho

Answer 7

No, Julie.

To find the percent of a number, you multiply.

0.564 * 259,032 = ?

Answer 8

multiply 259032 * 0.56 = $145,057.92

Looks like you have a lot of reviewing to do!

Answer 9

oops. 56.4% is $146,094.05

Answer 10

Alright thanks