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When Sarah Lee purchased her house 10 years ago, she took out a 15-year mortgage for $150,000. The mortgage has a fixed interest rate of
When Sarah Lee purchased her house 10 years ago, she took out a 15-year mortgage for $150,000. The mortgage has a fixed interest rate of 6 percent compounded monthly. If Sarah wants to pay off her mortgage today, for how much should she write a check? 1) $87,297.75 2) $80,959.75 3) $75,959.75 4) $70,000.25 5) $65,473.70
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