The figure used by the lender in determining the maximum loan amount to borrow is that
A) purchase price or appraised value, which ever is less.
B) appraised value minus the purchase price.
C) purchase price.
D) assessed value.
Answer: A) purchase price or appraised value, which ever is less.
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Indicate whether the statement is true or false
Your grandparents leave on their dream vacation to Antarctica in two years. The cruise vacation will cost them $25,000. If they have already saved $23,500 and are investing it at a rate of 2.75% per year, will they have saved enough money for their trip?
A) No, because they forgot to factor in long underwear expenses. B) Yes, to have enough money they would have already needed to save $23,375. C) Yes, to have enough money they would have already needed to save $23,680. D) No, to have enough money they would have already needed to save $23,680.