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Tom bought a house for $400,000 and financed with with a mortgage. 12 years later, his house has appreciated and is now worth $980,000. He

Tom bought a house for $400,000 and financed with with a mortgage. 12 years later, his house has appreciated and is now worth $980,000. He still has a remaining balance on his loan of $252605. He is considering a cash-out refinancing and getting a new mortgage at 80% LTV. 


How much cash will Tom be able to take out with this refi? Assume there are no costs.

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