You have just sold your house for $1,000,000 in cash. Yourmortgage was originally a 30-year mortgage with monthly paymentsand an initial balance of $800,000. The mortgage is currentlyexactly 18½ years old, and you have just made a payment. If theinterest rate on the mortgage is 5.25% (APR), how much cash willyou have from the sale once you pay off the mortgage?
