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Theresa and Raul purchased a house 10 years ago for $220,000. They made a down payment of 20% of the purchase price and secured a

Theresa and Raul purchased a house 10 years ago for $220,000. They made a down payment of 20% of the purchase price and secured a 30 year conventional home mortgage at 4.5% per year compounded monthly on the unpaid balance. The house is now worth $280,000. How much equity do Teresa and Raul have in their house now?

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