An individual has a home that appraises for $500K, their mortgage is $400K. They open a home

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An individual has a home that appraises for $500K, their mortgage is $400K. They open a home equity line of credit (HELOC) and withdraw $60K. On the balance sheet for their home, their equity ________ and changes to __________.

Group of answer choices

Decreases; $60K
Increases; $100K
Increases; $400K
Increases; $500K
Decreases; $40K

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Dec 26, 2023 06:53 AM

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An individual has a home that appraises for $500K, their mortgage is $400K. They open a home

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Income Tax Fundamentals 2013

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