homeowner has been paying a monthly mortgage payment of $716.40 on a 40-year loan at a fixed annual interest rate of 5.5%. After making payments for 7 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage? Round your answer to the nearest cent. $138,900.00 $261,660.50 $65,321.29 $130,747.2
homeowner has been paying a monthly mortgage payment of $716.40 on a 40-year loan at a fixed annual interest rate of 5.5%. After making payments for 7 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage? Round your answer to the nearest cent. $138,900.00 $261,660.50 $65,321.29 $130,747.2
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter5: Making Automobile And Housing Decisions
Section: Chapter Questions
Problem 8FPE
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Question
A homeowner has been paying a monthly mortgage payment of $716.40 on a 40-year loan at a fixed annual interest rate of 5.5%. After making payments for 7 years, the homeowner must sell the house and move to another state for a new job. What is the payoff for the mortgage? Round your answer to the nearest cent.
$138,900.00 |
||
$261,660.50 |
||
$65,321.29 |
||
$130,747.24 |
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