Dear Mr. Barrack,
We have approved your request for a home equity loan in the amount of $10,000. The term of the loan is fifteen years. The interest rate on the unpaid balance will be calculated according to our standard formula and will start at 9%. Your first payment of $210 is due on July 25.
Thank you for choosing Doe Savings and Loan.
Please call us at 555-5555 if we can serve you further.
Yours Sincerely,
[Your Name]
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