Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

When you purchased your house, you took out a 3 0 - year mortgage with an interest rate of 4 . 8 % per year.

When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per year. The monthly payment on the mortgage $1,500. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.
What is the payoff amount if you have lived in the house for 18 years (so there are 12 years left on the mortgage)? Payoff amount is $,(Round to the nearest dollar.)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance And Sustainability

Authors: William Sun, Celine Louche, Roland Perez

1st Edition

1780520921, 978-1780520926

More Books

Students also viewed these Finance questions

Question

4. What is a subprime mortgage?

Answered: 1 week ago