Assume you have been making payments of $1,000 per month at a rate of 4% per year on a 30 year, fixed rate mortgage. You will close on the home after making your last payment in year 5. How much will your loan payoff amount be (in other words, what is the outstanding balance on your loan after 5 years)?

A. $25,000

B $152,013.44

C. $187,013.64

D. $189,452.48

Assuming you sell the home for $371,809.50, pay a 6% real estate broker commission and $4,500 in Seller closing costs, what will be your net proceeds from the sale? Round to the nearest whole dollar. *dont forget to include your loan payoff amount from question 11!

Will you be moving to Turks and Caicos?

A. Yes

B. No

A. $155,548.43

B. $184,796.06

C. $219,796.06

D. $320,000.93