*21. You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year...

Question:

*21. You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 18½ years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamentals Of Corporate Finance

ISBN: 9780134475561

4th Edition

Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford

Question Posted: