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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, their equity ________ and changes to __________.
- Decreases; $60K
- Increases; $100K
- Increases; $400K
- Increases; $500K
- Decreases; $40K
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
