Sheldon has a home valued at $108,000 with an outstanding mortgage of $70,000. if his lender is willing to provide a home equity loan of up to 80% of the market value of his home, how much can sheldon borrow using a home equity loan?
a. $86,400
b. $16,400
c. $38,000
d. $30,400
e. $80,000
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