The approximate amount of the first mortgage will be $263,340
A mortgage is a contract between you and a lender that provides the lender the right to repossess your property if you don't pay back the loaned funds for the purchase or refinance of a house.
When you and a lender enter into a mortgage, the lender is granted the power to seize your property if you are unable to pay back the loan amount plus interest. To purchase a property or borrow money against the value of a home you currently own, you can use a mortgage loan.
Given A property is valued at $342,000. there is a first and second mortgage with an 85% cltv. the second mortgage has an 8% ltv
We have to find approximate amount of the first mortgage
$342,000 time 85% equals $290,000 (first mortgage)
$342,000 times 8% equals $27,360 (second mortgage)
$290,000 -$27,360 = $263,340
Hence the approximate amount of the first mortgage will be $263,340
Learn more about mortgage here:
https://brainly.com/question/24732162
#SPJ10
