When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per year. The monthly payment on the mortgage $5,557. You have just made a payment and have now decided to pay off the mortgage by repaying the outstanding balance. What is the payoff amount if you have lived in the house for 20 years (so there are 10 years left on the mortgage)? Payoff amount is $_____. (Round to the nearest dollar.)

When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per year. The monthly payment on the mortgage $5,557. You have just made a payment and have now decided to pay off the mortgage by repaying the outstanding balance. What is the payoff amount if you have lived in the house for 20 years (so there are 10 years left on the mortgage)? Payoff amount is $_____. (Round to the nearest dollar.)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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