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A person purchased a house 1 4 years ago for $ 2 2 5 , 0 0 0 . The house was financed by paying

A person purchased a house 14 years ago for $225,000. The house was financed by paying 20% down and signing a 30-year mortgage at 8.15% on the unpaid balance. Equal monthly payments were made to amortize the loan over a 30-year period. The owner now wishes to refinance the house because of a need for additional cash. The new appraised value of the house is $310,000. If the loan company agrees to a new 30-year mortgage of 85% of the new appraised value of the house, how much cash will the owner receive after repaying the balance of the original mortgage?

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