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You have just sold your house for$1,000,000 in cash. Your mortgage was originally a? 30-year mortgage...

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Finance

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 will you have from the sale once you payoff the? mortgage? ?(Note: Be careful not to round any intermediatesteps less than six decimal? places.)

Cash that remains after payoff of mortgage is ?$

##I need to know how to solve this with BA2 Pluscalculator##

Answer & Explanation Solved by verified expert
4.0 Ratings (720 Votes)
Step 1 Calculation of monthly payment on mortgage We can use the present value of annuity formula to calculate the monthly payment on mortgage Present Value of annuity P x 1 1rnr Present value of annuity initial balance of mortgage 800000 P monthly payment on    See Answer
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Transcribed Image Text

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$800,000.The mortgage is currentlyexactly? 18½ years? old, and you have just made a payment. If theinterest rate on the mortgage is 5.25%?(APR), how much cash will you have from the sale once you payoff the? mortgage? ?(Note: Be careful not to round any intermediatesteps less than six decimal? places.)Cash that remains after payoff of mortgage is ?$##I need to know how to solve this with BA2 Pluscalculator##

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