Solved: What is the amount of home equity loan, Financial Accounting

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What is the amount of home equity loan

Response to the following problem:

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

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Financial Accounting: What is the amount of home equity loan

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Financial Accounting: What is the amount of home equity loan

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