When you purchased yourhouse, you took out a30-year annual-payment mortgage with an interest rate of 7% per year. The annual payment on the mortgage is 16,803. 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 themortgage)?

b. What is the payoff amount if you have lived in the house for 24 years(so there are

6 years left on themortgage)?

c. What is the payoff amount if you have lived in the house for 11 years(so there are

19 years left on themortgage) and you decide to pay off the mortgage immediately before the

11th payment isdue?