When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate...

 

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When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 10% per year. The annual payment on the mortgage is $9.000. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding a. What is the payoff amount if you have lived in the house for 16 years (so there are 14 years left on the mortgage)? balance. b. What is the payoff amount if you have lived in the house for 22 years (so there are 8 years left on the mortgage)? c. What is the payoff amount if you have lived in the house for 16 years (so there are 14 years left on the mortgage) and you decide to pay off the mortgage immediately before the 16th payment is due? Assume the same payment of $9.000 per year and an interest rate of 10% per year. When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 10% per year. The annual payment on the mortgage is $9.000. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding a. What is the payoff amount if you have lived in the house for 16 years (so there are 14 years left on the mortgage)? balance. b. What is the payoff amount if you have lived in the house for 22 years (so there are 8 years left on the mortgage)? c. What is the payoff amount if you have lived in the house for 16 years (so there are 14 years left on the mortgage) and you decide to pay off the mortgage immediately before the 16th payment is due? Assume the same payment of $9.000 per year and an interest rate of 10% per year.