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please show the work for how to solve this problem, not excel. You have just sold your house for $1,000,000 in cash. Your mortgage was
please show the work for how to solve this problem, not excel.
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 181/2 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.)Step by Step Solution
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