A person purchased a house 20 years ago for 270000 by, Ask an Expert

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A person purchased a house 20 years ago for $270,000 by paying 20% down and signing a 30-year mortgage at 9.45% compounded monthly. The current appraised value of the house is $390,000. If a bank will loan this person 95% of the equity in the house, what's the amount of this home equity loan?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91271651

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