A loan company will loan up to 60% of the equity in a home. A family purchased their home 8 years ago for $112,500. The home was financed by paying 20% down and signing a 30-year mortgage at 8.52% for the balance. Equal monthly payments were made to amortize the loan over a 30-year period. The market value of the house is now $125,900. After making the 96th payment, the family applied for the maximum loan. How much (to the nearest dollar) will the family receive?

Please show every step you use to solve the problem and explain what you are doing in simple terms.