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What is the payoff amount

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When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 4.95% per year. The annual payment on the mortgage is $7,500. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.

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What is the payoff amount if:

-You have lived in the house for 7 years (so there are 23 years left on the mortgage)?

-You have lived in the house for 21 years (so there are 9 years left on the mortgage)?

-You have lived in the house for 7 years (so there are 23 years left on the mortgage) and you decide to pay off the mortgage immediately before the seventh payment is due?

Reference no: EM133116657

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