3)

Your have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly 18.50 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? (Ignore any real estate transaction costs.)