After five years you discover that your house value has grown from $225,000 to $275,000 and that your current mortgage balance is $200,000. This loan does not have a prepayment penalty. You would like to refinance your mortgage and take out $20,000 in equity. You would also like to have no out-of-pocket expenses at closing. If the new loan has financing costs of four percent, how much must you borrow on the new loan?

Show calculator functions if possible.