When Sarah Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000.
Question:
When Sarah Jean purchased her house 12 years ago, she took out a 30-year mortgage for $220,000. The mortgage has a fixed interest rate of 6 percent compounded monthly.
(a) Compute Sarah Jean’s monthly mortgage payments.
(b) If Sarah Jean wants to pay off her mortgage today, for how much should she write a check? She made her most recent mortgage payment earlier today.
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a Calculator solution N 360 IY 612 05 PV 220000 and FV 0 ...View the full answer
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