3. A person purchased a house 10 years ago for $160,000. The house was financed by paying 20% down and signing a 30 -year mortgage at 7.75% on the unpaid balance. Equal monthly payments were made to amortize the loan over a 30 -year period. The owner now (after the 120th payment) wishes to refinance the house due to a need for additional cash. If the loan company agrees to a new 30 -year mortgage of 80% of the new appraised value of the house, which is $225,000, how much cash (to the nearest dollar) will the owner receive after repaying the balance of the original mortgage 4. In a new housing development, the houses are selling for $225,000 and require a 20% down payment. The buyer is given a choice of 30 -year or 15 -year financing, both at 7.68% compounded monthly. a. What is the monthly payment for the 30 -year choice? b. What is the unpaid balance after 10 years for the 30 -year choice? c. What is the monthly payment for the 15-year choice? d. What is the unpaid balance after 10 years for the 15 -year choice?