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When you purchased your house, you took out a 30-year annualpayment mortgage with an interest rate of 8% per year. The annual payment on the
When you purchased your house, you took out a 30-year annualpayment mortgage with an interest rate of 8% per year. The annual payment on the mortgage is $15,000. 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 11 years (so there are 19 years left on the mortgage)? b. What is the payoff amount if you have lived in the house for 23 years (so there are 7 years left on the mortgage)? c. What is the payoff amount if you have lived in the house for 11 years (so there are 19 years left on the mortgage) and you decide to pay off the mortgage immediately before the 11th payment is due? Assume the same payment of $15,000 per year and an interest rate of 8% per year. a. What is the payoff amount if you have lived in the house for 11 years (so there are 19 years left on the mortgage)? The payoff amount if there are 19 years left on the mortgage is $ . (Round to the nearest cent.)
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