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You have just sold your house for $ 1 comma 000 comma 000$1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments
You have just sold your house for
$ 1 comma 000 comma 000$1,000,000
in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of
$ 700 comma 000$700,000.
The mortgage is currently exactly 18 years old, and you have just made a payment. If the interest rate on the mortgage is
6.25 %6.25%
(APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediate steps less than six decimal places.)
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