You purchase a property with a Market Value of $520,000 in 2005 using 5-year Interest Only 90% Loan-to-value financing. In 2010 the Market Value of the property drops to $460,000. You are considering refinancing. The Loan-to-Value you can get for refinancing is only 70%. How much Total Cash Out of Pocket would you need to have to go through with the refinancing and pay back the original loan Principal outstanding? [Points: 11 2010 $460,000 2005 Change ($60,000) $520,000 Market Value/Purchase Price Loan-to-Value Loan Amount Refinancing Costs 3.00% Loan Amount Owed Total Cash Out of Pocket