Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
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. |
$540.661 |
|
| b. |
$459,340 |
|
| c. |
$456,931 |
|
| d. |
$626,635 |
|
| e. |
$543,069 |
Already member? Sign In
