Answer When you purchased your house 10 years ago, you took out a 25-year annual payment mortgage with an interest rate of 5.5% per year. The annual payment on the mortgage is $39,540. You have just made your 10th payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff amount for the remaining 15 payment? Draw CFD, and Enter the Answer in 'B2' Cell above.

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 24PROB
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When you purchased your house 10 years ago, you took out a 25-year annual payment mortgage with an interest rate of 5.5% per year. The annual payment on the
mortgage is $39,540. You have just made your 10th payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff
amount for the remaining 15 payment?
Draw CFD, and Enter the Answer in 'B2' Cell above.
Transcribed Image Text:D - ► 3 Į 5 Answer When you purchased your house 10 years ago, you took out a 25-year annual payment mortgage with an interest rate of 5.5% per year. The annual payment on the mortgage is $39,540. You have just made your 10th payment and have now decided to pay the mortgage off by repaying the outstanding balance. What is the payoff amount for the remaining 15 payment? Draw CFD, and Enter the Answer in 'B2' Cell above.
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