Josh purchased a condominium 5 years ago for $200,000. He made a down payment of 20% and financed the balance with a 30-year conventional mortgage to be amortized through monthly payments with an interest rate of 4%/year compounded monthly on the unpaid balance. The condominium is now appraised at $300,000. 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 30-year conventional mortgage at the same rate 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. Round your answer to the nearest cent.) $