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A homeowner paid $75,000 for his/her house and after several refinancing now owes $140,000 on the mortgage. The house is currently worth $160,000. A bank

A homeowner paid $75,000 for his/her house and after several refinancing now owes $140,000 on the mortgage. The house is currently worth $160,000. A bank will provide home equity loans up to 85% of the value of the house. What is the maximum amount the homeowner could borrow on a home equity loan?

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