You have just sold your house for $ 1,100, 000 in cash. Your
mortgage was originally a 30-year mortgage with monthly payments
and an initial balance of $ 800,000. The mortgage is currently
exactly 18½ 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.)
Cash that remains after payoff of mortgage is [...]? Round to the nearest dollar.
Cash that remains after payoff of mortgage is [...]? Round to the nearest dollar.
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