Sean and Amy Anderson have a home with an appraised value of $180,000 and a mortgage balance

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Sean and Amy Anderson have a home with an appraised value of $180,000 and a mortgage balance of only $90,000. Given that an S&L is willing to lend money at a loan-to-value ratio of 75 percent, how big a home equity credit line can Sean and Amy obtain? How much, if any, of this line would qualify as tax-deductible interest if their house originally cost$100,000?
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Personal Financial Planning

ISBN: 978-1305636613

14th edition

Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk

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