Three (3) years ago Sean purchased his home worth $575,000. It is now worth $650,000 due to the crazy increase in the housing market. When Sean purchased his home, he made the minimum required for a...

Extracted text: Three (3) years ago Sean purchased his home worth $575,000. It is now worth $650,000 due to the crazy increase in the housing market. When Sean purchased his home, he made the minimum required for a conventional mortgage. Since then, he has paid S$30,000 down on his original mortgage. He is now ready to undertake some major renovations to his home and his bank is willing to provide him with a Home Equity Life of Credit (HELOC) for 80% on the current market value less his outstanding mortgage balance. What is the amount of credit that the bank is willing to provide Sean under a HELOC? A $65,000 B. $50,000 $75,000 $30,000 $90,000