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When you purchased your house, you took out a 3 0 - year annual - payment mortgage with an interest rate of 7 % per
When you purchased your house, you took out a year annualpayment mortgage with an interest rate of per year. The annual payment on the mortgage is $ You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.
a What is the payoff amount if you have lived in the house for yearsso there are years left on the mortgage
b What is the payoff amount if you have lived in the house for yearsso there are years left on the mortgage
c What is the payoff amount if you have lived in the house for yearsso there are years left on the mortgage and you decide to pay off the mortgage immediately before the th payment is due? Assume the same payment of $ per year and an interest rate of per year.
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