What is the payoff amount

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Question - When you purchased your? house, you took out a? 30-year annual-payment mortgage with an interest rate of 10% per year. The annual payment on the mortgage is $8,624. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.

a. What is the payoff amount if you have lived in the house for 16 years? (so there are 14 years left on the? mortgage)?

b. What is the payoff amount if you have lived in the house for 24 years? (so there are 6 years left on the? mortgage)?

c. What is the payoff amount if you have lived in the house for 16 years? (so there are 14 years left on the? mortgage) and you decide to pay off the mortgage immediately before the 16 th payment is? due?

Reference no: EM132906256

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