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Homework answers / question archive / You have just sold your house for $1,000,000 in cash
You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and had an initial balance of $800,000. The mortgage is currently exactly 18.5 years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% p.a. (with monthly compounding), how much cash will you have from the sale once you pay off the mortgage? (Round to the nearest dollar).
a. $456,931 b. $626,635 c. $543,069 d. $540.661 e. $459,340
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