Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have just sold your house $900,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000.

image text in transcribed
You have just sold your house $900,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 18.5 years old, and you have just made a payment. If the interest rate on the mortgage is6.25% (APR), how much cash will you have from the sale once you pay off the mortgage? The discount rate is % per month.(Round to five decimal places.) The monthly mortgage payment is $_ (Round to the nearest cent.) The remaining balance is $_ (Round to the nearest dollar.) The cash that remains after payoff of the mortgage is $ (Round to the nearest dollar)

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

Personal Finance Essentials Saving And Investing

Authors: Julia A Heath

1st Edition

1604139897, 9781604139891

More Books

Students also viewed these Finance questions

Question

Which of the following is not true about a server?

Answered: 1 week ago