You have just sold your house for $ 1 comma 100 comma 000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of S 800 comma 000. The mortgage is currently exactly 18(1)/(2) years old, and you have just made a payment. If the interest rate on the mortgage is 7.75 % (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.)

You have just sold your house for $ 1 comma 100 comma 000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of S 800 comma 000. The mortgage is currently exactly 18(1)/(2) years old, and you have just made a payment. If the interest rate on the mortgage is 7.75 % (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.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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