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FIN 341 Fall 2021 Principles of Finance Question 9, P 5-21 (simil... HW Score: 8.57%, 3 of 35 points O Points: 0 of 2
FIN 341 Fall 2021 Principles of Finance Question 9, P 5-21 (simil... HW Score: 8.57%, 3 of 35 points O Points: 0 of 2 You 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 $800,000. The mortgage is currently exactly 18 years old, and you have just made a payment. If the interest rate on the mortgage is 7.75% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediate steps less than six decimal places.) ***** Cash that remains after payoff of mortgage is '$ (Round to the nearest dollar.)
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