A few years ago, Michael purchased a home for $394,000. Today, the home is worth $520,000. His remaining mortgage balance is $166,000. Assuming Michael can borrow up to 80 percent of the market value of his home, what is the maximum amount he can borrow?
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A few years ago, Michael purchased a home for $394,000. Today, the home is worth $520,000. His remaining mortgage balance is $166,000. Assuming Michael can borrow up to 80 percent of the market value of his home, what is the maximum amount he can borrow?
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