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...




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?​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)



Cash that remains after payoff of mortgage is $___________________
​(Round to the nearest​ dollar.)


Jun 03, 2022
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