Answer When you purchased your house 10 years ago, you took out a 25-year annual payment mortgage with an interest rate of 5.5% per year. The annual payment on the mortgage is $39,540. You have just made your 10th payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff amount for the remaining 15 payment? Draw CFD, and Enter the Answer in 'B2' Cell above.

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