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Big John's home is appraised at $215,000. However, he still
owes $180,000. If he wanted to take out a home equity loan,
what is the maximum amount that he can borrow? (Assume
that he can borrow up to 80 percent of the market value of the
home.)

Respuesta :

Answer:

$35,000

Step-by-step explanation:

He can borrow(at least)

= $215,000*80%

= $172,000

He owes=$180,000

So, he can get loan=

($215,000-$180,000)

= $35,000(Answer)

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