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How much do owe the bank assuming the bank asks

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Problem 1: Suppose you borrow $398,564 for a house. You have good credit and the bank offers you a 30-year loan with a monthly interest rate of 0.3% (and APR of 3.6%). The first monthly payment is due at the end of the first month. In exactly 5 years you win the lottery. You decide to sell your house and pay off the remaining value of the loan. How much do you owe the bank assuming the bank asks for the present value of the remaining payments and does not ask for any additional fees?

Reference no: EM132990636

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