14. Tom bought a house for $400,000 and financed with with a mortgage. 12 years later, his house has appreciated and is now worth $980,000. He still has a remaining balance on his loan of $261746. He is considering a cash-out refinancing and getting a new mortgage at 80% LTV. How much cash will Tom be able to take out with this refi? Assume there are no costs. State your answer as a number with two decomal points (e.g. if you get $100,000.683, write 100000.68).

15. Aiva and her husband Janis bought a house worth $350,000. They invested $120,000 in home improvements and sold the house for $1,200,000 15 years later. Their closing costs from sale were $11720. What is Aiva and Janis's taxable capital gain income from this transaction? (Hint: the capital gain tax exemption for married couples is $500,000) State your answer as a number rounded to two decimal points (e.g. if you get $67,845.777 write 67845.78)