Question
You have just sold your house for $1,050,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of
You have just sold your house for
$1,050,000
in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of
$700,000.
The mortgage is currently exactly
18.5
years old, and you have just made a payment. If the interest rate on the mortgage is
7.75%
(APR
with semi-annual compounding), how much cash will you have from the sale once you pay off the mortgage?
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Finance Of International Trade
Authors: Eric Bishop
1st Edition
0750659084, 978-0750659086
