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Problem 5.15 You have just sold your house for $900 000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an
Problem 5.15 You have just sold your house for $900 000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750 000. The mortgage is currently exactly 18.50 years old, and you have just made a payment. If the interest rate on the mortgage is 6.25% (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 to fewer than six decimal places.) Cash that remains after payoff of mortgage is $ 446 285. (Round to the nearest dollar.)
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