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 $700,000. The mortgage is currently exactly 8 years old, and you have just made a payment. The interest rate on the mortgage is 6.00% APR.

How much was your monthly payment on your mortgage?

How much of your first monthly payment on your mortgage was repayment of principal?

How much cash will you have from the sale once you pay off the mortgage? (Ignore transaction costs.)

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