Question

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

$____

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 | |||||

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 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
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(can...

You have just sold your house for $900,000 in cash. Your
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and an initial balance of $700,000. The mortgage is currently
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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
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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 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
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Complete the steps below using cell references to given data or
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