Question: REFINANCING A HOME Josh purchased a condominium 5 yr ago for $180,000. He made a down payment of 20% and financed the balance with a 30-yr conventional mortgage to be amortized through monthly payments with an interest rate of 7%/year compounded monthly on the unpaid balance. The condominium is now appraised at $250,000. Josh plans to start his own business and wishes to tap into the equity that he has in the condominium. If Josh can secure a new mortgage to refinance his condominium based on a loan of 80% of the appraised value, how much cash can Josh muster for his business? (Disregard taxes.)