Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance, of

image text in transcribed
You have just sold your house for $1,000,000 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 181/2 years old, and you have just made a payment. If the interest rate on the mortgage is 7.75% (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.) Cash that remains after payoff of 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

Public Finance Fundamentals

Authors: K. Moeti

3rd Edition

148512946X, 9781485129462

More Books

Students also viewed these Finance questions

Question

You are to meet him on friday at the un building in nyc.

Answered: 1 week ago