Question 26: (1 Point) The Connor family bought their first home five years ago and paid $375,000. Their down payment was $75,000 as it was important to them that the mortgage be a conventional mortgage. Today, their current mortgage balance with the Bank of Montreal (BMO) is $225,000. The market value of the home is appraised at $475,000. BMO is willing to provide the Connors with a Home Equity Line of Credit (HELOC). BMO's loan value is based on the formula for a HELOC as 80% of the current market value of the home, less the outstanding mortgage balance. Due to the pandemic, they were both out of work recovering from COVID and need this loan. Based on the formula, how much is BMO able to lend the Connors? $175,000 $225,000 $155,000 $250,000 o $380,000