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Calculating the Amount for a Home Equity Loan. A few years ago, Michael Tucker purchased a home for $100,000. Today the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming Michael
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Calculating the Amount for a Home Equity Loan. A few years ago, Michael Tucker purchased a home for $100,000. Today the home is worth $150,000. His remaining mortgage balance is $50,000. Assuming Michael can borrow up to 80% of the market value of his home, what is the maximum amount he can borrow?

User Tarik Tutuncu
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Answer:

The maximum amount that Michel can borrow is 70,000 dollars.

Step-by-step explanation:

Please see attachment .

Calculating the Amount for a Home Equity Loan. A few years ago, Michael Tucker purchased-example-1
User Chris Oldwood
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