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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 years ago for $ The house was financed by paying down and signing a year mortgage at on the unpaid balance. Equal monthly payments were made to amortize the loan over a 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 $ If the loan company agrees to a new year mortgage of 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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