Question

Neals life insurance policy has a value of $100,000. He wants to purchase a second home to rent out. How much can Neal borrow against the surrender value of his life insurance policy

Answer 1

Answer:

Let the age of son be x years.Thus, age of father is x+25 years.After 8 years, their ages will beAge of son x+8 and age of father x+25+8=x+33.The ratio of their ages is 13:8.Therefore, x+8x+33 = 813 ⇒8(x+33)=13(x+8)⇒8x+264=13x+104⇒13x−8x=264−104⇒5x=160⇒x=32Age of son is 32 years.

Let the age of son be x years.Thus, age of father is x+25 years.After 8 years, their ages will beAge of son x+8 and age of father x+25+8=x+33.The ratio of their ages is 13:8.Therefore, x+8x+33 = 813 ⇒8(x+33)=13(x+8)⇒8x+264=13x+104⇒13x−8x=264−104⇒5x=160⇒x=32Age of son is 32 years.Thus, age of father is x+25=32+25=57 years.