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You have just sold your house for $1,100,000 in cash. Your mortgage was originally a...

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You have just sold your house for $1,100,000 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 18.5 years old, and you have just made a payment. If the interest rate on the mortgage is 7.75% (APR with semi-annual compounding), 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 decima places.) a. What is the discount rate for the mortgage? The discount rate for the mortgage is %. (Round to four decimal places.)

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