The discount rate is _ % per month. (Round to five decimal places.) The monthly mortgage payment is $. (Round to the nearest cent.) The remaining balance is 4. (Round to the nearest dollar.) The cash that remains after payoff of the mortgage is $. (Round to the nearest dollar.)
The discount rate is _ % per month. (Round to five decimal places.) The monthly mortgage payment is $. (Round to the nearest cent.) The remaining balance is 4. (Round to the nearest dollar.) The cash that remains after payoff of the mortgage is $. (Round to the nearest dollar.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Your have just sold your house for $1, 100, 000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $750,000. The mortgage is currently exactly 18.50 years old, and you have just made a payment. If the interest rate on the mortgage is 6.25% (APR), how much cash will you have from the sale once you pay off the mortgage? The discount rate is _ % per month. (Round to five decimal places.) The monthly mortgage payment is $. (Round to the nearest cent.) The remaining balance is 4. (Round to the nearest dollar.) The cash that remains after payoff of the mortgage is $. (Round to the nearest dollar.)
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