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You have just sold your house for $2,000,000 in cash. Your mortgage was originally a 15-year mortgage with monthly payments and an initial balance of
You have just sold your house for $2,000,000 in cash. Your mortgage was originally a 15-year mortgage with monthly payments and an initial balance of $1,000,000. The mortgage is currently exactly 14 years old, and you have just made a payment. If the interest rate on the mortgage is 2.4% (APR), how much cash will you have from the sale once you pay off the mortgage?
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Financial Risk Manager Handbook
Authors: Philippe Jorion, Global Association Of Risk Professionals
5th Edition
0470479612, 978-0470479612
