Question

You have just sold your house for 900,000 in cash. Your mortgage was originally a​ 30-year...

You have just sold your house for 900,000 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​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 7.75% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)

Cash that remains after payoff of mortgage is

​$____

Homework Answers

Answer #1
Amount borrowed 750000
Annual rate 7.75%
Monthly rate (7.75/12) = 0.65%
Annuity PVF at 0.65% for 360 periods 138.9139
Monthly payment (750000/138.91387) 5399.03
Monthly periods paid = 18.5*12 222
Remaining period left (360-222) 138
Annuity PVF at 0.65% for 138 periods 90.92668
Loan amount outtstanding at date of sale 490915.9
(5399.03*90.92668)
Price received at the date of sale 900000
Net amount left in hand = 900000- 490915.9 = 409084.1
Answer is $ 409084.1
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You have just sold your house for $900,000 in cash. Your mortgage was originally a​ 30-year...
You have just sold your house for $900,000 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​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgag is 7.75% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six decimal​...
You have just sold your house for 900,000 in cash. Your mortgage was originally a? 30-year...
You have just sold your house for 900,000 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? 18½ 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? ?(Note: Be careful not to round any intermediate steps less than six decimal? places.) (can...
You have just sold your house for $900,000 in cash. Your mortgage was originally a​ 30-year...
You have just sold your house for $900,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly​ 18½ 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? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)
You have just sold your house for 1 million in cash. Your mortgage was originally a​...
You have just sold your house for 1 million 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​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is 7.75% ​(APR), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six...
6. You have just sold your house for $1,000,000 in cash. Your mortgage was originally a​...
6. You 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 $750,000. The mortgage is currently exactly​ 18½ 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? ​(Note: Be careful not to round any intermediate steps less than six decimal​...
you have just sold your house for $900,000 in cash. Your mortgage was originally a 30...
you have just sold your house for $900,000 in cash. Your mortgage was originally a 30 year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly 18 1/2 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?
Your have just sold your house for $1,050,000 in cash. Your mortgage was originally a​ 30-year...
Your have just sold your house for $1,050,000 in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of $825,000. The mortgage is currently exactly 18.5 years​ old, and you have just made a payment. If the interest rate on the mortgage is 7.75%(APR with​ semi-annual compounding), how much cash will you have from the sale once you pay off the​ mortgage? ​(Note: Be careful not to round any intermediate steps less than six...
You have sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage...
You have 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 18.5 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?
You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year...
You 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 18½ 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? Sale price $        1,000,000 Initial balance $           800,000 Number of years                        30 Periods...
You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year...
You 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 18½ 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? Complete the steps below using cell references to given data or previous calculations. In...