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Tom has a home valued at $178,000 and an outstanding mortgage of $60,000. If his lender is willing to provide a home equity loan of

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Tom has a home valued at $178,000 and an outstanding mortgage of $60,000. If his lender is willing to provide a home equity loan of up to 80% how much could Tom borrow using a home equity loan? $48,000 $94,400 $142,400. $82,400

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