You bought a house exactly 16 years ago. You borrowed money under a 30 year mortgage from Wintrust to buy the house. Your monthly payment is $300. The loan has a fixed rate of 4% per year. I want to pay off the bank and be debt free. How much must you pay the bank to extinguish your loan? options: cannot provide answer as we do not know what the house purchase amount was! $57,600 $38,543 $50,400 $54,000 $26,987.12 $13,876.49

You bought a house exactly 16 years ago. You borrowed money under a 30 year mortgage from Wintrust to buy the house. Your monthly payment is $300. The loan has a fixed rate of 4% per year. I want to pay off the bank and be debt free. How much must you pay the bank to extinguish your loan? options: cannot provide answer as we do not know what the house purchase amount was! $57,600 $38,543 $50,400 $54,000 $26,987.12 $13,876.49

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 28P

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