The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. Loan Type 30-Year Mortgage 15-Year Mortgage 5-Year Car Loan 4-Year Car Loan Credit Cards October Rate (%) 3.93 3.14 4.30 4.24 13.10 November Rate (%) 4.09 3.31 4.31 4.26 13.10 December Rate (%) 4.09 3.34 4.34 4.29 13.10 Eight years into your 15-year $400,000 mortgage begun in October 2015, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount?

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods.
Loan
Type
30-Year
Mortgage
15-Year
Mortgage
5-Year
Car Loan
4-Year
Car Loan
Credit
Cards
October
Rate (%)
3.93 3.14 4.30 4.24 13.10
November
Rate (%)
4.09 3.31 4.31 4.26 13.10
December
Rate (%)
4.09 3.34 4.34 4.29 13.10
Eight years into your 15-year $400,000 mortgage begun in October 2015, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount?
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