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WHEN YOU PURCHASE YOUR HOUSE YOU TOOK A 30-ANNUAL...

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Question

WHEN YOU PURCHASE YOUR HOUSE YOU TOOK A 30-ANNUAL PAYMENT MORTGAGE WITH AN INTEREST RATE OF 6% PER YEAR.THE ANNUAL PAYMENT ON MORTGAGE IS $12000 .YOU HAVE JUST MADE A PAYMENT AND HAVE DECDED TO PAY MORTGAGE OFF BY RE PAYING THE OUTSTANDING BALANCE. WHAT IS THE PAY OFF AMOUNT IF A) YOU HAVED LIVED IN THE HOUSE FOR 12 YEARS(SO THERE ARE 18 YEARS LEFT ON THE MORTGAGE). B)YOU HAVED LIVED IN THE HOUSE FOR 10 YEARS (SO THERE ARE 20 YEARS LEFT ON THE MORTGAGE). C)YOU HAVED LIVED IN THE HOUSE FOR 12 YEARS ( SO THERE ARE 18 YEARS LEFT ON THE MORTGAGE) AND YOU DECIDED TOPAY OFF THE MORTGAGE IMMEDIATELY BEFORE TWELFTH PAYMENT IS DUE. P/S SHOW WORKING,P/S SHOW WORKING

 

Paper#13654 | Written in 18-Jul-2015

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