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You bought a house for $480,000 with a 20 year bank loan that has monthly payments at an interest rate of 5% (APR). Immediately after
You bought a house for $480,000 with a 20 year bank loan that has monthly payments at an interest rate of 5% (APR). Immediately after year 9 (11 years left on the loan), you will resell the house for $576,000 and completely pay off the rest of the loan. How much do you have to pay the bank to completely pay off the loan?
$319,933.52
$321,130.45
$385,356.54
$268,932.17
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