(Answered) Determining the value of the house

Management Studies

A homeowner paid $75,000 for his/her house and after several refinancings now owes $140,000 on the mortgage. The house is currently worth $200,000.

A bank will provide home equity loans up to 85% of the value of the house. What is the maximum amount the homeowner could borrow on a home equity loan?

$150,000
$120,000
$86,000
$0
$30,000

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