Question: You purchased a property 4 years ago for $275,000 using a 75% LTV mortgage. The mortgage was a 15 year fully amortizing FRM with a 3.8% rate. Property values in your area have increased and now your property is worth $320,000. You would like to do a cash-out refinance to take out some equity. A lender is willing to give you a cash-out refi with a 80% LTV. If you decide to take this offer, how much equity will you get to keep as cash? Express your answer as a dollar amount rounded to the nearest cent.