Question

"You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 18½ years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage? 1 In cell D13, by using cell references, calculate the discount rate (1 pt.). 2 In cell D14, by using cell references, calculate the monthly payment (1 pt.). Note: (1) The output of the expression or function you typed in this cell is expected as a positive number. (2) For the nper parameter, use cells D8 and D9. 3 In cell D15, by using cell references, calculate the number of periods remaining on the loan (1 pt.). 4 In cell D16, by using cell references, calculate the amount that you owe on the mortgage (1 pt.). Note: The output of the expression or function you typed in this cell is expected as a positive number.

Answer 1