Question 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?

Question

Question 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?

Question 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?

I'm stuck and I need help please and thank you.

Answer 1

1. Equity = 367,685-108,653.

2. 0.564 * Equity =