Question: Tom bought a house for $ 4 , 0 0 0 and financed it with a mortgage. 1 5 years later, his house has appreciated

Tom bought a house for $4,000 and financed it with a mortgage. 15 years later, his house has appreciated and is now worth $9503. He still has a remaining balance on his loan of $2912. He is considering a cash-out refinancing and getting a new mortgage at 86% LTV. How much cash will Tom be able to take out with this refi? Assume there are no costs to refinancing. State your answer as a number with two decomal points (e.g. if you get $100,000.683, write 100000.68).
Tom bought a house for $4,000 and financed it with a

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