Your have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 18.50 years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage? (Ignore any real estate transaction costs.) 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 $. (Round to the nearest dollar.) The cash that remains after payoff of the mortgage is $ (Round to the nearest dollar.)
Your have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 18.50 years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage? (Ignore any real estate transaction costs.) 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 $. (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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![Your have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly
payments and an initial balance of $800,000. The mortgage is currently exactly 18.50 years old, and you have just made
a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you
pay off the mortgage? (Ignore any real estate transaction costs.)
.….
The discount rate is
% per month.
The monthly mortgage payment is $
The remaining balance is $ (Round to the nearest dollar.)
The cash that remains after payoff of the mortgage is $
(Round to five decimal places.)
(Round to the nearest cent.)
(Round to the nearest dollar.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfb451ac-8af0-43a7-baa4-707945a6f16c%2Fb92ea6b1-4a39-4913-b19b-5a61652fcfc4%2Fxxoxykn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Your have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly
payments and an initial balance of $800,000. The mortgage is currently exactly 18.50 years old, and you have just made
a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you
pay off the mortgage? (Ignore any real estate transaction costs.)
.….
The discount rate is
% per month.
The monthly mortgage payment is $
The remaining balance is $ (Round to the nearest dollar.)
The cash that remains after payoff of the mortgage is $
(Round to five decimal places.)
(Round to the nearest cent.)
(Round to the nearest dollar.)
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