Question

You have just sold your house for

$ 1 comma 000 comma 000$1,000,000

in cash. Your mortgage was originally a​ 30-year mortgage with monthly payments and an initial balance of

$ 700 comma 000$700,000.

The mortgage is currently exactly​ 18½ years​ old, and you have just made a payment. If the interest rate on the mortgage is

6.25 %6.25%

​(APR), 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 decimal​ places.)

Answer 1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
As nothing was mentioned excel is used. If you need with "FINANCIAL FORMULA, let me know, will do that also. Thank you

PV, FV, ANNUITY (Autosaved) - Microsoft Excel (Product Activation Failed) Review View Add-Ins File Home Insert Page Layout Formulas Data - 2x % Cut Calibri = = = Dr General 11AA A Wrap Text Fat Merge Merge & Center Center B I U - D E = 5 st $ - % % , .0 .00 8.9 Insert Delete Format E Copy Paste Format Painter Clipboard HR401 Conditional Format Formatting as Table Styles Cell Styles Σ AutoSum : A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells Font fic HK HL HM HN HO . HP HQ HR HS HT HU HV5 385 386 1000000 700000 387 30 18.5 388 389 390 391 392 393 394 SALE VALUE OF HOUSE LOAN AMOUNT YEARS LIFE COMPLETED LIFE REMAINING RATE MONTHLY RATE PERIODS IN A YEAR PMT= 11.5 6.25% 0.520833% 12 4310.02 EXCEL EPMT(HP392, HP388*HP393,-HP387) 395 PV OF ALL INSTALMENTS OUTSTANDING= 423468 EXCEL =PV(HP392, HP390*HP393,-HP394) CASH AVAILABLE AFTER PAYING OUTSTANDING LOAN = 396 397 398 399 400 401 402 SALE VALUE OF HOUSE PV OF ALL INSTALMENTS OUTSTANDING= ANSWER 1000000 423468 576532 403 LOAN OPTIONS pv, fv, annuity_CAP STRU VALUE profit margin symbols LOCK BOX DILUTION DOLLAR COST AVG MORTGAGE W Rea CALCULATOR ferences EXPONPER APR CPI BO ear FV0 130% 0 + DO 4 * 4 ENG 07-10-2019