Zexternal,tools/62164 DL with Tubeofflinecal calendar cal driloam 12.2b: Problem 4 Previous Problem Problem List Next Problenm (1 point) Dr. Galaska bought a $ 370000 house 10 years ago. The house is now worth $ 592000. Originally, the house was financed by paying 25% down with the rest financed through a 20-year mortgage at 8% interest. After making 120 monthly house payments, he is now in need of cash, anid would like to refinance the house. The finance company is willing to loan 95% of the current value of the house amortized over 25 years at 7% interest KT note: Technically you could do this one by hand, but Iwould suggest using my amortization spreadsheet as a time saver on this one, because the questions are a bit weird How much cash will Dr. Galaska receive after paying the balance of the original loan? Amount of cash obtained-$ If he uses all of the available cash for something other than investing in his home, by how much will his monthly payment increase? Increase in monthly payment $ Note: You can eam partial credit on this problem. Preview My Answers Submit Answers You have attempted this problem 4 times. Your overall recorded score is 0% You have 6 attempts remaining Zexternal,tools/62164 DL with Tubeofflinecal calendar cal driloam 12.2b: Problem 4 Previous Problem Problem List Next Problenm (1 point) Dr. Galaska bought a $ 370000 house 10 years ago. The house is now worth $ 592000. Originally, the house was financed by paying 25% down with the rest financed through a 20-year mortgage at 8% interest. After making 120 monthly house payments, he is now in need of cash, anid would like to refinance the house. The finance company is willing to loan 95% of the current value of the house amortized over 25 years at 7% interest KT note: Technically you could do this one by hand, but Iwould suggest using my amortization spreadsheet as a time saver on this one, because the questions are a bit weird How much cash will Dr. Galaska receive after paying the balance of the original loan? Amount of cash obtained-$ If he uses all of the available cash for something other than investing in his home, by how much will his monthly payment increase? Increase in monthly payment $ Note: You can eam partial credit on this problem. Preview My Answers Submit Answers You have attempted this problem 4 times. Your overall recorded score is 0% You have 6 attempts remaining