Seyeral years ago. Bill Smith borrowed $125000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.?5 percent per annUm. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan.

Assuming that he just made payment number 841 compute the payoff on Bill's loan?

Answer rating: 100% (QA)

ANSWER AND EXPLANATION Refer to image Borrowed amount PV 125000 Number of years 15 m Number of mont... View the full answer