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An individual has a home that appraises for $500K, their mortgage is $400K. They open a home equity line of credit (HELOC) and withdraw $60K.

An individual has a home that appraises for $500K, their mortgage is $400K. They open a home equity line of credit (HELOC) and withdraw $60K. On the balance sheet for their home, what is their equity?

$400,000

$60,000

$40,000

$100,000

$500,000

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