Suppose that you want to buy a house with a purchase price of $280,000. The house has an assumable loan at 5.50% with 25 years remaining on its original 30-year term. The loan had an original balance of $240,000. The current market rate on new 25-year mortgages is 7.50%. What is the financing premium as indicated by cash equivalence that you (the buyer) would be willing to pay for the assumable loan? Show work using financial calculator strokes.