Question: You have just sold your house for $3,000,000 in cash. Your mortgage was originally a 20-year mortgage with monthly payments and an initial balance of

You have just sold your house for $3,000,000 in cash. Your mortgage was originally a 20-year mortgage with monthly payments and an initial balance of $1,000,000. The mortgage is currently exactly 16 years old, and you have just made a payment. If the interest rate on the mortgage is 3% (APR), how much cash will you have from the sale once you pay off the mortgage?

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