Calculating the Amount for a Home Equity Loan. A few years ago, Michael purchased a home for
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Calculating the Amount for a Home Equity Loan. A few years ago, Michael purchased a home for $200,000. Today the home is worth
$300,000. His remaining mortgage balance is $100,000. Assuming Michael can borrow up to 80 percent of the market value of his home, what is the maximum amount he can borrow?
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