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?