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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

Finance

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

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