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You have just sold your house for $ 9 0 0 , 0 0 0 in cash. Your mortgage was originally a 3 0 -
You have just sold your house for $ in cash. Your mortgage was originally a year mortgage with monthly payments and an initial balance of $ The mortgage is currently exactly
years old, and you have just made a payment. If the interest rate on the mortgage is APR with semiannual compounding how much cash will you have from the sale once you pay off
the mortgage? Note: Be careful not to round any intermediate steps.
a What is the discount rate for the mortgage?
The discount rate for the mortgage is Round to six decimal places to answer, but carry full precision for remaining calculations.
b What is the monthly mortgage payment?
The monthly mortgage payment is $Round to the nearest cent, for example, to answer, but carry full precision for remaining calculations.
c What is the remaining balance on the mortgage?
The remaining balance is $Round to the nearest cent.
d How much cash will you have from the sale once you pay off the mortgage?
The amount of cash left over from the sale is $Round to the nearest cent.
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