You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage
Question:
You have just sold your house for $1,000,000 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 18.5 years old, and you have just made a payment. If the interest rate on the mortgage is 7.75% ( APR with semi-annual compounding), how much cash will you have from the sale once you pay off the mortgage?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Plan You need to determine the effective monthly interest rate and then determine the original loan ...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
3+ Reviews
10+ Question Solved
Related Book For 
Fundamentals of Corporate Finance
ISBN: 978-0321818171
2nd Canadian edition
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford
Question Posted:
