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Thomas pays a $30,000 down payment (equity) for a house. The house is $300,000 and he borrows $270,000 (mortgage loan). Once Tom's house drops in

Thomas pays a $30,000 down payment (equity) for a house. The house is $300,000 and he borrows $270,000 (mortgage loan).

Once Tom's house drops in value by more than __%, he'll owe the bank more than the house is worth. If the house is sold for that amount, Tom won't be able to pay his mortgage loan.

What is the percentage? Please show your work!

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