The Moores are thinking of renovating their house and need to borrow money to perform the work. They presently have a mortgage loan with an outstanding balance of $269.500 that calls for monthly payments of $1,578.07. The Moores have a combined annual gross income of $90,000, and their property taxes total $2,000 per year. The Moores have approached the Happycash Bank for a second mortgage loan. The bank is willing to grant a second mortgage loan at an interest rate of j12 = 9%, with a 10-year amortization period, a 3-year term, and monthly payments. Happycash Bank uses a total debt service ratio of 40% and a maximum loan-to-value ratio of 75%. If the bank has appraised the Moores property