You have just sold your house for

$900,000

in cash. Your mortgage was originally a

30-year

mortgage with monthly payments and an initial balance of

$780,000.

The mortgage is currently exactly

18.5

years old, and you have just made a payment. If the interest rate on the mortgage is

5.50%

(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.)

Question content area bottom

Part 1

Cash that remains after payoff of mortgage is

$enter your response here.

(Round to the nearest cent.)