Using the information provided, answer the following cash-out question: Value =$475,000 Current balance =$320,000 Current payment =$2,455 Cash out =$35,000 Taxes =$265 Homeowners insurance =$80 Closing Costs =2.5% Prepaids =1% What is their new loan amount and proposed monthly PITI based on a 30 -year conventional fixed-rate @ 6.25\%? Choices: $371,080/$2,629.62 $371,050/$2,720.87 $370,200/$2,715.43 $370,205/$2,709.42 Using the information provided, answer the following cash-out question: Value =$475,000 Current balance =$320,000 Current payment =$2,455 Cash out =$35,000 Taxes =$265 Homeowners insurance =$80 Closing Costs =2.5% Prepaids =1% What is their new loan amount and proposed monthly PITI based on a 30 -year conventional fixed-rate @ 6.25\%? Choices: $371,080/$2,629.62 $371,050/$2,720.87 $370,200/$2,715.43 $370,205/$2,709.42